Spain's power utility Iberdrola SA posted Thursday a 10% rise in first-quarter net profit, on a bigger contribution from its fast-growing U.S. wind power operations, but warned that lower energy prices may slow its push into the U.S. market.

Iberdrola said net profit rose to €1.01 billion, up from €922 million a year earlier, beating analyst expectations of €927 million. Earnings before interest, tax, depreciation and amortization, or Ebitda, rose 4.4% to €2.27 billion, also more than anticipated.

Profits were driven by a 24% increase in power generation in the U.S., where renewable energy output rose 48%. That offset flattish generation in Latin America and double-digit declines both in crisis-hit Spain and the U.K.—evidence that Iberdrola's strong push into the fast-growing U.S. wind power market is bearing fruit.

Iberdrola, the world's largest wind power producer and the second largest in the U.S., increased its U.S.-based installed capacity in the quarter by 19.2%. Iberdrola produced 3,090 gigawatt hour worth of renewable energy in the U.S., almost as much as in Spain.

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