Spanish utility Iberdrola has reported record profits of E1.6 billion for the first nine months of 2007, up 30.5% compared with the same period last year.

ScottishPower has contributed 21.5% to group earnings before interest, taxes, depreciation and amortization.

Electricity output rose 30.3% to 86,800 million kWh, driven by cleaner energy technology. CO2 emissions in Spain were cut by 15%, consolidating Iberdrola’s position as one of the least contaminating power companies.

Cash flow rose 34.1% to E2.9 bllion and earnings per share rose by 8.6%. Organic and corporate investments have exceeded E35 billion, while gearing has declined to 47.6%. Sales rose 39.5% to E11.4 billion and net operating profit by 26.3% to E2.5 billion.