Spain's Iberdrola slashes green hydrogen target [Reuters]
IBERDROLA SA S/ADR (IBDRY)
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Source: Reuters
MADRID, March 22 (Reuters) - Spain's Iberdrola (IBE.MC) , opens new tab is slashing its green hydrogen ambitions by almost two thirds after delays in getting funding for some projects it has already presented, highlighting the challenges faced by a market that depends heavily on subsidies. The company now expects to produce roughly 120,000 tons of green hydrogen a year by 2030, compared with a previous goal of 350,000 tons, a spokesperson confirmed to Reuters on Friday. The move comes as Europe's top utility by market capitalization embarks on a three-year, $45 billion investment drive to expand and upgrade power grids, add renewable capacity and bolster energy storage on both side of the Atlantic. The company presented the strategic update on Thursday, when Chief Financial Officer José Sainz Armada mentioned the cut, without giving details. "The only target that we are diminishing is hydrogen," he told analysts and investors. "Not because we don't want to do hydrogen, we w
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