Energy giant Iberdrola has announced plans to more than double its investment in the UK.
The announcement comes just ahead of the UK’s International Investment Summit in London, scheduled for 14th October.
Iberdrola, through its UK business ScottishPower, has already invested £30 billion in the country over the last 15 years.
Following the integration of Electricity North West (ENW) earlier this summer, the UK has become Iberdrola’s largest investment destination up to 2026.
The new plan will see the company increase its commitment to the UK, with an investment of up to £24 billion between 2024 and 2028, doubling its previous £12 billion target for the same period.
The increased investment will primarily target the UK’s electricity transmission and distribution networks.
About two-thirds of the total investment will focus on these areas.
Transmission upgrades will be aligned with the RIIO-T3 regulatory framework, which is set to be approved in 2025, and include projects like the Eastern Green Link 1 subsea interconnection.
In distribution, ScottishPower is finalising its integration of ENW and will continue investing to enhance supply security.
Additionally, ScottishPower is advancing major renewable energy projects, including the East Anglia 3 offshore wind farm currently under construction, and the East Anglia 2 wind farm, a £4 billion project awarded a contract in the recent AR6 auction.
The combined capacity of these projects is expected to provide green energy for approximately one million homes.
Copyright © 2024 Energy Live News LtdELN