SP Energy Networks is boosting its technology services after completing a deal to buy Derryherk for an undisclosed fee.
The company improves data connectivity through its digital twin to enable network fault detection, forecast capacity constraint and provide active management of the low voltage network.
Guy Jefferson, SP Energy Networks’ Chief Operating Officer, said: “The electricity network is critical to electrifying and decarbonising the economy to support a net zero future. This technology will take us another step forward in building the smart grid of the future that will power cleaner and greener lives.”
The transaction furthers Iberdrola’s growth in the UK through its ScottishPower businesses, with investment of £12bn previously committed between 2024-2028 and boosted by the recent signing of agreements to acquire a majority acquisition of ENW (subject to the standard authorisations for this type of transaction) for around £2.1bn.
Since merging with ScottishPower in 2007, Iberdrola has invested around £30bn in the UK.
Green tech advantages
Speaking at Climate Week 2024 in New York recently, Ignacio Galán, Iberdrola’s Executive Chairman, underlined the advantages of green technologies over fossil fuels.
He said, “Renewable energies today are more competitive than fossil fuels. If we compare new fossil energy plants with new renewable energy plants, the investment required is lower for renewables, the maintenance cost is lower and, what’s more, there is no variable cost. They are not subject to fluctuations in fuel prices.”
Iberdrola and bp recently gave the green light to construct a 25 megawatt green hydrogen project at bp’s Castellón refinery, which is expected to be operational by the second half of 2026. It is the first hydrogen project undertaken by both companies, together through Castellón Green Hydrogen S.L., an equally owned joint venture.
Read more on technology in the November issue of gasworld global
