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Iberdrola to slash planned investment by 2.6 bln euros

Source: Reuters - Thu 3rd Mar 2011

Iberdrola has repeated it's forecasts for growth and investment over 2012 yesterday, by saying that it would be cutting organic investment to pay for a recent acquisition in Brazil.

Spain's largest producer of energy announced it would be slashing 2.6 billion euros of planned investment in all current operations after the 1.78 billion purchase of Brazilian electricity distributor Elektro.

The majority of the cuts will be seen at its Iberdrola Renovables business. It kept its global investment figure of 16 billion euros for 2010-12. Iberdrola reported a 10% rise in core earnings on Feb. 24 due largely to a recovery in Spanish generation and distribution and the positive performance of units in North and South America.

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