Europe’s largest utility, Iberdrola, laid out a new strategy that doubles down on regulated power networks in the US and UK. (FT)
By the numbers: About $68B will be invested through 2028, followed by $53B from 2029 to 2031. Roughly two-thirds will go into power grids.
CEO Pedro Azagra said Iberdrola will only finish offshore wind projects already under construction. The utility is instead putting new money into regulated grid assets in blue states like New York, Maine, Massachusetts, and Connecticut.