By Adria Calatayud and Adam Whittaker
Iberdrola said it appointed Pedro Azagra, a company veteran who most recently led its U.S. business Avangrid, as the group's new chief executive, replacing Armando Martinez.
The Spanish utility company said Tuesday that Azagra will lead the company after three years overseeing its U.S. operations. The group, which has a networks and a renewables business in the U.S. has chosen Azagra at a time when offshore wind projects face political and regulatory scrutiny from the Trump administration.
Earlier this year, President Trump signed an executive order which halted regulatory approvals for new offshore wind projects. In April, Norway's Equinor was told to halt construction of its Empire Wind project while the Bureau of Ocean Energy Management completed a review. Construction was later allowed to continue but the administration remains opposed to renewable energy projects.
Iberdrola has invested heavily in its U.S. operations. Last year, it took full control of Connecticut-headquartered Avangrid after buying the shares it didn't already own in a $2.55 billion deal.
Azagra joined the Spanish utility 25 years ago and previously oversaw its international expansion.
Martinez was named Iberdrola CEO in 2022.
Write to Adria Calatayud at adria.calatayud@wsj.com and Adam Whitaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
June 24, 2025 08:54 ET (12:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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