Madrid, Spain [Bloomberg] Iberdrola SA, the Spanish utility that’s buying Scottish Power Plc, said fourth-quarter profit rose 6.5 percent on higher electricity production from wind and water. Net income at Spain’s second-largest power company climbed to 424 million euros ($558 million) from 398 million euros a year earlier, Bilbao-based Iberdrola said in a filing. Water-driven generation trebled. … The acquisition will boost Iberdrola’s renewable-power capacity by almost a half and give it about 5.2 million customers and 6,200 megawatts of generation capacity in Britain. The two have a total combined installed capacity of about 36,000 megawatts, enough to light about 72 million European homes.