ScottishPower owner Iberdrola, the largest electricity company in Europe, has announced plans to more than double its UK investment plans to as much as £24 billion, ahead of the International Investment Summit in London next week.
Bilbao-based Iberdrola said it has invested £30 billion in the UK over the last 15 years, and after the recent acquisition of Electricity North West (ENW), the UK becomes the group’s largest investment destination to 2026.
“Given Britain’s significant power demand growth prospects and the energy policies set out to promote Net Zero, industrialisation and electrification, Iberdrola is now setting out a new plan to upweight and accelerate investment in the UK that could reach £24bn between 2024-2028, doubling its previous plan to invest £12bn over the same period,” said Iberdrola.
The group said that with the GB electricity grid needing the “biggest rewiring ever seen” two thirds of this figure would be directed to transmission and distribution networks.
Investments will include a new subsea superhighway, Eastern Green Link 1, between Torness in Scotland and Hawthorn Pit in England.
ScottishPower is also in the latest stages to complete the integration of ENW, the distribution network company covering the north west of England.
“In addition, ScottishPower will put in service the East Anglia 3 offshore wind farm, currently under construction, as well as East Anglia 2, a £4bn shovel-ready offshore windfarm recently awarded a contract in the AR6 auction and will provide enough green energy to power the equivalent of 1 million homes,” said Iberdrola.
“The company also continues investing in new onshore wind, solar PV and battery projects.
“Iberdrola Executive Chairman and ScottishPower Chairman Ignacio Galán will join Prime Minister Keir Starmer in Scotland on Friday as the Prime Minister convenes the first Council of Nations and Regions, bringing together First Ministers, Northern Ireland’s First Minister and Deputy First Minister and regional mayors from across England with the aim of boosting growth and living standards in every part of the UK.”
Iberdrola executive chairman Ignacio Galán said: “After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
“This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.”