Scottish Power plans £10bn green energy investment

Scottish Power has revealed it is planning to invest another £10 billion into the UK’s green recovery over the next five years.

The company said on Thursday that it will nearly double its renewable generation capacity, adding a further 2.4 gigawatts (GW) by the middle of the decade.

The move is part of a larger plan by Scottish Power’s Basque parent company Iberdrola to invest €75 billion in renewables around the world.

And it comes weeks after UK Prime Minister Boris Johnson announced major ambitions to power all UK homes with offshore wind.

Scottish Power CEO Keith Morgan said the plans will mean new solar, wind and battery infrastructure, and thousands of new jobs spread across the UK.

“This is a huge, big wave of investment to help drive forward decarbonisation in each of the countries we operate in,” Morgan told the Press Association.

“We’re all talking in the UK about a green recovery and our view is that it is companies like us that are going to be at the forefront of creating a green recovery, of accelerating the road to net-zero and create jobs and apprenticeship opportunities.”

Last month, Boris Johnson promised all of the UK’s 30 million homes will be powered by offshore wind by the end of this decade.

The UK has a goal of reducing its emissions to net-zero by the middle of the century.

“Statements and announcements from the Prime Minister become so important because that’s what sets the ambition and drags companies in and makes this look attractive,” Morgan added.

“One of the best examples of this is that you now see oil and gas companies, companies like Shell saying ‘hang on a minute, we want to come and join the party’.”