High spending oil companies are pouring up to 40% of their offshore wind capital expenditure into the bidding process for seabed rights, leaving early movers with reason to be thankful for their foresight, the boss of Spanish renewables giant Iberdrola suggested today (Thursday).

The comments came as Iberdrola reported a 21% surge in profits in the first half of 2023, bolstered by the addition of 2.57GW