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Iberdrola Q2 Spanish generation up on nuclear, gas surge

Highlights

Nuclear output up 18%

Hydro output at lowest Q2 level in decade

UK generation sinks after asset sales

Madrid β€” Spanish power and gas group Iberdrola's domestic generation rose 3% in the second quarter of 2019 amid a surge in nuclear and gas-fired output.

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In a regulatory filing Friday evening, Iberdrola said Spanish generation was 13.7 TWh in the quarter, with robust nuclear and gas output providing more than half of the total as hydro output sunk to its lowest Q2 volume of the decade and coal-fired production was zero.

Nuclear generation was 6.0 GWh in the second quarter, up 18% year on year, with the company's fleet running at an 86% rate.

Gas completely shut coal out of the company's thermal gap in the quarter, aided by strong supply and lower prices. Gas-fired generation more than quadrupled year on year to 2.4 TWh, with plants running at a 19% rate - which was behind a 30% rate reported by Iberian competitor EDP last week.

While the company reported a 21% increase in wind power output to 2.9 TWh, its hydro output shriveled in the second quarter to its lowest total for a second quarter on record.

Hydro production was 1.6 TWh in the second quarter, which is around 43% of the 3.8 TWh average of the last 10 years.

The company said its hydro reserves stood at 5.0 TWh at the end of June, equivalent to 44% full.

For the first half of the year, hydro output fell 45% to 4.3 TWh, the company said.

In its distribution business, the company reported Q2 volume of 22.5 TWh, unchanged from Q2 2019.

In the UK, the company's generating figures were skewed by the sale of its pumped storage, renewable hydro and gas-fired generation assets to competitor Drax in December, which reduced its generating base from 4.7 GW to 2.1 GW, made up entirely of wind power assets.

These recorded declines in Q2 production, with onshore wind output down 33% year on year at 527 GWh and offshore wind output down 14% over the period at 105 GWh.

In its UK distribution business, Q2 volume slipped 2% year on year to 7.8 TWh, the company said.

Iberdrola European output and load factor Q2 2019

Spain
Capacity * Output year on year load factor **
MW GWh change (%) (% estimated)
Renewables 15828 4,682 -33 14
Wind 5770 2,908 21 23
Hydro 9715 1,601 -63 8
Mini hydro 306 173 -29 26
Solar, other 37 0 -100 0
Nuclear 3177 5,971 18 86
Gas-fired 5695 2,417 344 19
Cogeneration 353 646 1 84
Coal 874 0 -100 0
TOTAL 25926 13,715 3 24

United Kingdom
Capacity * Output year on year load factor **
MW GWh change (%) (% estimated)
Renewables 2128 632 -37 14
Onshore wind 1906 527 -33 13
Offshore wind 222 105 -14 22
Hydro 0 0 -100 0
Gas-fired 0 0 -100 0
TOTAL 2128 632 -75 14

* At end of period; ** using end-quarter capacity figure

Source: Iberdrola

-- Gianluca Baratti, gianluca.baratti@spglobal.com

-- Edited by Jonathan Fox, jonathan.fox@spglobal.com