The parent company of Scottish Power has pledged to invest £12 billion in Britain between now and 2028.
Spanish giant Iberdrola, reputedly Europe’s biggest utility operator, made the commitment at yesterday’s investment summit at Hampton Court, west of London, attended by prime minister Rishi Sunak.
Executive chairman Ignacio Galán, pictured with the premier and defence secretary Grant Shapps, told delegates that the promised outlay will extend by £7 billion over the years 2026-8 the £6.7 billion already declared for two earlier years ending in 2025.
The company said around two-thirds of the 2024-28 investments will be dedicated to transmission and distribution connections, driven by regulatory arrangements already in place under RIIO-2 norms covering both types of grid.
Among projects to benefit will be the Anglo-Scots Eastern Green Link1, which received planning approval this month. After twelve months of preparations conducted with National Grid, construction is set to begin early in the new year on the 2GW cable, running from Torness on the Fife Coast to Hawthorn Pit, County Durham.
The Spanish company also singled out continuing investment in its 1.4GW East Anglia 3 offshore wind farm, located 65 kilometres off Great Yarmouth. Marine turbines will follow in its East Anglia 1 North and East Anglia 2 franchises, already in play for upcoming CfD auctions. Also earmarked are unspecified projects in onshore wind, solar PV, green hydrogen, plus retail ventures.
“Over the past 15 years“, Iberdrola executive chairman Ignacio Galán noted, “we have invested close to £30 billion in bringing the benefits of greener and more secure energy to the UK.
“Backed by clear regulatory and policy frameworks, we are as committed as ever to speeding up our investments in the UK’s electricity grid and renewables generation.”
“Iberdrola is proud to play our part in supporting the UK’s leadership position on decarbonisation“, said Galán.