Biggest contract ever

IBERDROLA formalised one of its largest-ever contracts on Tuesday March 28.

The Spanish multinational’s subsidiary Scottish Power, one of the UK’s largest green energy developers, formalised a £1.3 billion (€1.48 billion) contract with Siemens Gamesa for 95 wind turbines for the East Anglia Three project.

The offshore windfarm, the world’s second-biggest, will be constructed in the southern North Sea, 69 kilometres off Great Yarmouth in Norfolk.

Iberdrola president Ignacio Galan visited 10 Downing Street where he met the PM Rishi Sunak and Grant Shapps, Secretary of State for Energy Security.

“The scale and ambition of this investment will support the UK’s commitment to net zero and energy security,” Galan said. “The East Anglia Three offshore windfarm will bring homegrown green electricity to the grid for 1.3 million homes. And, as part of the East Anglia Hub projects, it will deliver billions of pounds in investment and support thousands of jobs in the East of England and across the UK.

BIG PROJECT: Iberdrola subsidiary Scottish Power will build world’s second-largest windfarm.

“I am delighted that Scottish Power and Iberdrola are investing in the UK, creating thou- sands of jobs and crucially helping millions of families keep their homes warm with cheaper, renewable energy,” the Prime Minister said.

Calviño answers back

SPARRING continues between Spain and multinational Ferrovial, which is shifting its headquarters to the Netherlands. Economic Affairs minister Nadia Calviño again insisted that there was nothing to prevent a company from listing on both the Spanish and US stock exchanges, as Ferrovial maintains.

“The National Securities Commission (CNMV) and Stock Exchanges and Markets (BME) analysed this in depth, going to the United States to speak to their American counterparts who identified no differences between Spain and any other country that justified Ferrovial’s reasons for relocating to the Netherlands,” Calviño said.

gan to price in a 50bps hike in March.

However, the US dollar’s gain evaporated almost immediately as the collapse of Silicon Valley Bank reversed these rate hike bets.

The days leading up to the Fed’s March rate decision saw the ‘greenback’ fluctuate wildly as USD investors repeatedly repriced their Fed rate hike expectations.

The Fed ultimately delivered another 25bps hike. But its dovish forward guidance piled pressure on the US dollar and sent USD exchange rates tumbling to a one-month low.

Turning to April the direction of the US dollar may be dependant on the outlook for the global financial system. Further uncertainty, or fears of a recession could see demand for the safe-haven ‘greenback’ strengthen.

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