ScottishPower said it has delivered a £1 billion boost for the UK energy supply chain and over £1.1 billion in investment in the first six months of 2024, as the company puts its weight behind the UK’s ambitions “to be a clean energy superpower.”

ScottishPower has a £12 billion investment programme through to 2028.

“From transformers to turbines, monopiles to maintenance contracts, every aspect of the energy supply chain is benefiting,” said ScottishPower, which is owned by Bilbao-based Iberdrola.

“Over 550 companies, large and small, have won contracts this year to-date, with much more to come, as the company continues its £12bn investment programme through to 2028.

“The announcement comes as the UK Government outlined its plans to accelerate investment in the electricity sector, with planning reforms designed to spur economic growth and enhance energy security. ”

ScottishPower CEO Keith Anderson said: “The energy sector is one of the UK’s biggest growth drivers and we’ve injected over £2bn into the economy over the first six months of this year.

“This shows how businesses big and small, right across the supply chain, can benefit from the country’s clean power mission.

“These contracts and investments mean jobs and an economic boost for Britain, alongside the very important role of delivering the modern electricity system needed for the future.

“We’ve seen a solid financial performance in the first half of the year, driven by our long-term investments in the clean energy assets Britain needs to deliver energy security and affordable power for decades to come.

“Our investment strategy is closely aligned with the UK’s ambitions to be a clean energy superpower and we continue to progress our high-quality project pipeline across grids, renewables and clean energy technologies.

“With £12bn to invest to 2028, we’re delivering jobs, delivering supply chain contracts and helping deliver the economic prosperity the UK needs to get growing again.”

The investment news came as ScottishPower said its earnings fell 11% in the first half of the year to just over £1 billion, as the energy company took a one-off hit on handing back price cap allowances.

The company saw significant gains in its network and renewables arms, while earnings in its customer supply business took a nearly 70% year-on-year hit to fall to £175 million.

The fall in earnings from its supply arm, which serves households and businesses, was because ScottishPower repaid allowances handed to it last year by Ofgem to help it manage the energy price crisis in recent years.

ScottishPower said its renewables business saw a 62% jump in profit to £387 million, driven by favourable market conditions and weather across the period.

Its network business earnings grew 32% to £443 million, due to changes in pricing allowed by regulators.

ScottishPower’s owner Iberdrola raised its own outlook for the year, saying it expects double-digit growth in net profit to more than £8 billion.

Iberdrola, the world’s largest wind power producer, bought ScottishPower for £11.6 billion in 2007.