Iberdrola cut its renewable energy installation forecasts amid what its chairman described as a “storm”, as the global green power giant stressed a “selective” approach to advancing projects and said networks will account for the majority of its investments in the period to 2025.

Iberdrola – one of the world’s biggest players in onshore and offshore wind, solar and latterly green hydrogen – now expects to have about 52GW of renewables in place by 2025 and 80GW by 2030, up from about 40GW by the end of this year.