Iberdrola, owner of Scottish Power, commits to a £24 billion investment to enhance the UK’s green energy infrastructure.
- The company will focus on upgrading high-voltage cables and electricity networks to support clean energy demand.
- New wind farms are planned, specifically off the coast of East Anglia, to power around one million homes.
- This investment will be directed mainly at the electricity grid in Scotland where renewable energy is significant.
- Iberdrola’s move comes as a strategic response to the UK’s initiatives on decarbonising its electricity system by 2030.
Iberdrola, the owner of Scottish Power, has announced a monumental investment of £24 billion to advance the UK’s green energy infrastructure. This significant financial commitment doubles the company’s previous investment efforts in Britain, designating the UK as Iberdrola’s largest investment destination globally.
The investment will primarily target the enhancement of high-voltage cables and electricity networks, aiming to accommodate the anticipated 50% increase in clean energy demand by 2035. As the UK transitions towards electric vehicles and heat pumps, upgrading the electricity grid is crucial to meeting these future energy needs.
Two-thirds of the investment will be allocated to bolstering the electricity grid, notably in Scotland where renewable energy potential is concentrated. This includes the development of the Eastern Green Link 1, a new subsea superhighway connecting Torness in Scotland to Hawthorn Pit in England.
Additionally, £4 billion will be used for constructing two new wind farms off the coast of East Anglia. These installations are expected to generate enough electricity to power approximately one million homes, significantly contributing to the UK’s renewable energy capacity.
Iberdrola’s decision reflects confidence in the UK’s regulatory environment and policy direction, as stated by Ignacio Galán, the company’s executive chairman. Keith Anderson, CEO of Scottish Power, emphasised that the clarity provided by the UK’s decarbonisation goals and planning reforms has facilitated large-scale investments.
This £24 billion investment underscores Iberdrola’s strategic focus on supporting the UK’s transition to sustainable energy solutions.
