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The investment cuts will include investing £1.5bn less in the development of renewable energy initiatives.
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Their appeal follows a significant power outage that affected the Iberian Peninsula in April 2025.
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The funding will be invested in the construction and modernisation of distribution networks using smart grid technology.
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The project, which is currently under construction in Pepillo Salcedo, Montecristi province, will begin operations in the second half of 2025.
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Valued at more than $850m, Blind Creek is the largest project within the National Electricity Market to reach this advanced stage.
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This comes as economic headwinds and a surge in EV sales temper oil use, despite the accelerating declines in OECD countries.
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