I Zw 1 is the prototype optical narrow line Seyfert 1 galaxy. It is also a nearby (z = 0.0611), luminous QSO, accreting close to the Eddington limit. XMM-Newton observations of I Zw 1 in 2015 reveal the presence of a broad and blueshifted P-Cygni iron K profile, as observed through a blue-shifted absorption trough at 9 keV and a broad excess of emission at 7 keV in the X-ray spectra. The profile can be well fitted with a wide angle accretion disk wind, with an outflow velocity of at least −0.25c. In this respect, I Zw 1 may be an analogous to the prototype fast wind detected in the QSO, PDS 456, while its overall mass outflow rate is scaled down by a factor ×50 due to its lower black hole mass. The mechanical power of the fast wind in I Zw 1 is constrained to within 5 − 15% of Eddington, while its momentum rate is of the order unity. Upper-limits placed on the energetics of any molecular outflow, from its CO profile measured by IRAM, appear to rule out the presence of a powerful, large scale, energy conserving wind in this AGN. We consider whether I Zw 1 may be similar to a number of other AGN, such as PDS 456, where the large scale galactic outflow is much weaker than what is anticipated from models of energy conserving feedback.