Iberdrola, the Spanish electric utility and renewable energy developer, surpassed Florida-based NextEra Energy as the world’s largest power provider by market capitalization on Tuesday, reaching above €141 billion. Iberdrola’s growing strength comes from its broader global footprint, which includes assets in Europe, North and South America, and Australia, a spokesperson said.
Both NextEra and Iberdrola have made major investments in utility-scale renewables, and moved to capture explosive demand from data centers and economy-wide electrification. NextEra could be back in the throne soon, however, if US regulators approve its proposed $67 billion merger with Dominion.