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Spanish-headquartered multinational utility Iberdrola has achieved its highest profit ever.

The utility has exceeded €3 billion in net profit in 2018, a 7.5% increase from the previous year.

The energy company’s 2018 total revenue amounted to €35.075 billion, a 12.2% increase from 2017 levels.

Iberdrola says the increase in net profit is a result of the nearly €20 billion in investments which the utility made over the past four years.

The energy firm invested in expanding its renewable energy portfolio, energy storage capacity and network upgrades.

This allowed Iberdrola to grow its businesses internationally, normalise operations in Spain and enhance its business practices.

Ignacio Galán, CEO of Iberdrola, said: “The results that we present today allow us to implement our 2018-2022 strategic objectives one year early.

“The profit generated is proof of the success of a sustainable model and it encourages us to continue pushing for the transition to a low carbon economy. The fight against climate change is an opportunity.”

The utility has plans to add 6,000MW of new energy generation capacity in 2019 and increase its operational efficiency and renewables energy to achieve a mid-single digit growth in 2019.

Some of the utility’s 2018 milestones include:

  1. Creating some 3,400 new stable jobs in 2018 to increase total staff to 34,000 workers of which 99% are permanent
  2. A decrease in carbon emissions to 82 gr CO2/kWh, way beyond the 302 gr CO2/kWh for the European industry average. Iberdrola has pledged to become carbon neutral by 2050, in line with the UN Sustainable Development Goals
  3. Iberdrola has become the Ibex35 blue-chip index company with the highest percentage of women on its Board of Directors (42.8%).