Bankinter | The company wants to maintain the US as its main investment focus. It has made this clear to the American government. However, everything will depend on key projects not being blocked or, if some of them are shut down, such as offshore wind farms – against which Trump is waging a personal crusade – being compensated with new opportunities, especially in the development of electricity grids. The group’s 2024-2026 Strategic Plan envisages investments of €41 billion (€36 billion net, excluding contributions from alliances and partners). Of this figure, the bulk was for networks, with €21.5 billion, followed by renewables, with €15.5 billion (€10.0 billion net). In the investment plan as a whole, the US was the most significant part. Of Iberdrola’s €36 billion net investment, 35% had been allocated to the US. In other words, the US accounts for €12.5 billion. However, this figure could skyrocket to €18 billion by 2030. On 24 September, Iberdrola will hold its Capital Markets Day, where it is expected to detail the group’s new roadmap and the final destination of its investments.
Analysis team’s view: The US is a priority market for the group, and it wants it to remain so. That is why it is offering an ambitious investment plan to the Trump administration in exchange for greater clarity and regulatory certainty. The financial impact of the blockage of wind projects off the coast of Massachusetts (New England 1 and 2) is limited, as they are in their initial stages, but the perception of regulatory arbitrariness erodes confidence and may slow down investment. Iberdrola has historically demonstrated flexibility in adapting to different political frameworks in the US. With a market capitalisation of €105 billion, Iberdrola is the world’s second-largest utility, behind only NextEra Energy, and this size gives it financial muscle and credibility to negotiate. We will have to wait and see what happensultimately with wind projects in the US, how Iberdrola’s investment offer is received and the group’s reaction at its next Investor Day (24 September).
