Iberdrola’s long-awaited move to enter the US offshore wind market is a low-risk bet by the Spanish company that the emerging industry may offer more growth and profit potential under President Donald Trump than his critics anticipate.
At first glance, the $9.06m price of admission paid by Iberdrola’s majority-owned US subsidiary Avangrid seems high. It secured commercial development rights to a zone facing North Carolina, a low-cost electricity state with no pressing need for offshore wind energy or a specific mandate for utilities there to procure it.
