22 May 2025
22 May 2025
The legislation aims to address the country's challenges with fluctuating electricity prices and system imbalances by expanding its fossil-free base load capacity.
The investment cuts will include investing £1.5bn less in the development of renewable energy initiatives.
Their appeal follows a significant power outage that affected the Iberian Peninsula in April 2025.
The funding will be invested in the construction and modernisation of distribution networks using smart grid technology.
The project, which is currently under construction in Pepillo Salcedo, Montecristi province, will begin operations in the second half of 2025.
Valued at more than $850m, Blind Creek is the largest project within the National Electricity Market to reach this advanced stage.
This comes as economic headwinds and a surge in EV sales temper oil use, despite the accelerating declines in OECD countries.
The investment cuts will include investing £1.5bn less in the development of renewable energy initiatives.
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