Iberdrola

Iberdrola declined to comment publicly on the Trump administration's stop-work order on offshore wind projects. Instead, the company emphasised its USD 50 billion total US investment over 20 years and Galan's personal engagement with the administration, including attending a state dinner with President Trump in Qatar. Avangrid CEO Pedro Azagra stated the company was communicating with the administration "all the time" and had met with Interior Secretary Burgum and Energy Secretary Wright.

Networks are the backbone — or spine — of decarbonisation. Iberdrola will invest EUR 58 billion by 2028, with EUR 37 billion (64%) going to transmission and distribution networks and EUR 21 billion gross to selective renewable generation, with 38% of that going to offshore wind and 75% of renewables investment going to projects already under construction.

Masdar and Iberdrola will co-invest EUR 5.2 billion in the 1.4 GW East Anglia THREE project, each holding 50% with joint governance. This represents one of the biggest offshore wind transactions this decade. The project benefits from long-term revenue security through a 15-year CPI-linked CfD and a PPA with Amazon.

“Relations are smooth and the outlook is positive.”

I was in Boston last week reviewing the Vineyard Wind project — the build up is progressing very well. For New England Wind 1, we have 100% of the supply chain secure with contracts signed, and are already starting construction of components, with the plan to be in operation by 2028-2029.

“After having invested more than GBP 30 billion in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-2028, reaching up to GBP 24 billion. This is a vote of confidence in the UK's clear and stable policies and is a major boost to the economy and the path towards green energy security and net zero.”

General Electric will solve the Vineyard Wind turbine blade malfunctions. GE Vernova has identified the manufacturing defect and is taking responsibility. The project will continue and be fully operational.

Offshore wind is a key technology for our clean energy growth in the years ahead, with all capacity from these projects secured via long-term PPA contracts or supported by government mechanisms.

Networks will receive 60% of net investment in the updated strategic plan, with renewables taking a smaller share focused on completing projects already under construction. More than 50% of renewables investment will go to offshore wind, but 100% will go to projects already under construction — no speculative new offshore wind commitments.

Iberdrola is committed but selective with offshore wind auctions. The company will only participate where returns meet internal thresholds and regulatory frameworks provide long-term revenue visibility.

“Today, we begin a new chapter and welcome 2024 by delivering the first clean offshore wind power to the grid in Massachusetts. This is a monumental achievement and a proud day for offshore wind in the United States that proves this industry is real.”

“In a year of challenging macroeconomic conditions, we have once again maintained our consistent track record of delivering on our guidance, thanks to our integrated business model and our disciplined focus on investment and growth in stable markets. After a year of record investments, our enhanced financial solidity means we will continue to invest significantly in the energy transition in 2024.”

“The global investment plans we have set out today will help us to bring more self-sufficiency and resilience against potential energy shocks in the countries where we operate.”

“Offshore wind is essential for a net zero world as it delivers large volumes of clean energy at competitive prices, as well as boosting industrial development and creating significant employment. ScotWind's award shows our commitment to Scotland and the UK. Iberdrola is a global leader in offshore wind, with more than EUR 5.5 billion invested in the UK, continental Europe and the US, and plans to reach EUR 30 billion by 2030 by strengthening our existing markets and entering several Asian countries.”

“Offshore can provide baseload. Offshore can easily obtain 5,000 kilowatt hours per annum, which is practically baseload. If you put offshore, plus storage, plus solar photovoltaic, which is already at peak in mid-day, you can absolutely provide the reliability the system requires.”

“After 20 years of anticipating the energy transition, our business model positions us as a key agent in the transformation of the industrial fabric. With our experience, our engagement with society and our financial strength we are advancing a model for long-term sustainable economic growth capable of meeting the current challenges of society.”