Iberdrola has given the UK a big boost ahead of next week’s International Investment Summit in London by announcing plans to double its investment to £24bn over the next five years.
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.
“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.”
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.
In the first half of this year, Scottish Power – which merged with Iberdrola in 2007 – has invested almost £1bn (£914m) in low carbon infrastructure, deploying capital across its electricity networks as well as renewable productions offshore, onshore and battery development sites.
Iberdrola signed an agreement in August to acquire an 88% stake in distribution network operator Electricity North West, in a £2.1bn deal, complementing ScottishPower’s electricity networks business.
SP Energy Networks continues to invest significantly in its existing network with £513m in projects delivered as the UK aims to make the grid Net Zero. Iberdrola is also building the East Anglia Three offshore wind farm, the second largest globally with a total capacity of 1,400 MW.
Iberdrola, through its US subsidiary Avangrid, has received the Association of Edison Illuminating Companies (AEIC) 2024 award for its contribution to ‘operational excellence’ in the electric utility industry.
Avangrid was recognised for its collaboration with Boston Dynamics and Levatas in the creation of a pilot to progress in substation inspections using artificial intelligence (AI) to improve customer service quality.
This collaboration led to the development and implementation of a dog-like mobile robot, Sparky, which can detect and analyse substation equipment, ensuring safety and reliability for customers.
Read more on technology in the November issue of gasworld global
