Focus on Australia

Following the change of government, there is a spirit of optimism in Australia. The new government under Prime Minister Anthony Albanese is putting the country on track for the energy transition. This is attracting foreign investors. Iberdrola, for example, has now announced its intention to invest another 2-3 billion euros Down Under. So far, the company has already invested 2 billion euros in Australia.

"With these investments, Australia is consolidating its position as one of Iberdrola's key markets. The country's abundant wind and solar resources, as well as the pace of technological development, place this region in a privileged position. We will lead and accelerate its transition to an economy with green energy at its epicentre, with the aim of increasing the amount of electricity generated with renewables, which now represents around a third of its generation," said CEO Ignacio Galán during a tour of the country.

In addition to the huge pipeline of renewable energy and storage projects, there is currently strong demand for residential solar and battery technology in Australia. The key levers for continued strong growth in renewable energy capacity are upgrading the transmission and distribution grid and reducing the cost of storage technologies. In addition, there are opportunities for the economy as the country enters new sectors such as green hydrogen, ammonia and green materials, as well as opportunities for innovation in offshore wind and storage, Iberdrola said.