Spanish power utility Iberdrola has posted net earnings of EUR2.07bn in the first nine months of 2010, an increase of 2% year-on-year with growth across all businesses.

The company said it achieved positive performance during the period due to higher production, efficiency gains and a strengthened balance sheet.

A rise of 16.1% in revenues and 9.2% in gross margin lifted EBITDA by 12.4% and operating cash flow by 14%.

Gross operating income (EBITDA) rose in all businesses, notably in renewables, regulated business and liberalised business.

Of total group EBITDA, 49% came from regulated business, 30% from liberalised, 17% from renewables and 4% from other businessses.

The company’s asset base worldwide permitted a 10.2% rise in global energy production to 115,158 million kWh, driven by increased output from energy sources free of CO2 emissions, notably hydro, wind and nuclear.

The company continued to diversify and expand its generation fleet, marked by low CO2 emissions and flexible costs, which totaled 44,455MW at September.

The company said it focused in the first nine months on optimizing its balance sheet structure with a 10% efficiency gain across all businesses and a 2.2% drop in the ratio of net operating costs to gross margin.