Iberdrola Plans Lowered Investments, Higher Shareholder Payouts
By Pierre Bertrand
Iberdrola lowered its investment targets but said that it was planning to increase shareholder payouts, as the Spanish utility company updated its strategic plan to 2026.
Iberdrola said that it is planning to invest 41 billion euros ($44.78 billion ) in the 2024 to 2026 period, adding that this number included EUR5 billion contributed by partners.
Of the total, 60% would be dedicated toward investments in networks, while EUR15.5 billion would go to investments in renewables with more than half of the renewables funding going to offshore wind projects in the U.S., the U.K., France and Germany.
Of the EUR21.5 billion in network investments planned over the period, a majority of 44% will go toward the U.S., the company said.
Iberdrola had previously said it would invest around EUR47 billion in 2023 to 2025 and had previously targeted investments of around EUR17 billion in renewables and around EUR27 billion in networks.
The company added Thursday that it estimated it would pay out EUR11 billion to shareholders in the 2024 to 2026 period, compared with around EUR9.5 billion in the 2021 to 2023 period.
It added that it expected a dividend per share floor of EUR0.55 in 2024-26, compared with a EUR0.50 a share floor previously expected in 2025.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
March 21, 2024 05:22 ET (09:22 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?