At the end of 2019, Ignacio Gal n, the Chairman and CEO of the world's third largest utility, Iberdrola, relected on his almost 20 years at the company. He managed a portfolio of three very different businesses, each with their own specific opportunities and challenges. From the outside, the Renewables business appeared to be the flagship business, with engineering projects constantly increasing in scope and size. Less high profile but no less strategically important was the Networks business, which was characterized by its regulated nature and provided a stable financial base for the company. Finally, the Wholesale and Retail business developed customized and innovative solutions for customers. Iberdrola had invested early in renewable technologies to position itself as a leader in driving the electric industry's role in the fight against climate change. Over time, Iberdrola had honed the skill of constantly monitoring new technologues and strategically deciding when to make its move. Faced with the decision to invest in green technology, heralded as a key technology in the fight for net zero, Gal n and his team were weighing up their options.