Iberdrola, the owner of ScottishPower, has unveiled a €58 billion strategic plan to 2028 that puts the UK at the front of its investment schedule and prioritises electricity grids to support rising demand and system resilience.
The group said it will tilt capital towards A-rated countries with stable, attractive regulation. More than 65% of total investment is earmarked for the UK and US, with two-thirds of the global spend going into transmission and distribution networks.
Ignacio Galan, Executive Chairman of Iberdrola, commented, “We are in a new era for electrification. We are the only company in the world that can deliver this opportunity due to our size and scale.
“We will invest €58 billion by 2028, two-thirds of which will go to transmission and distribution networks, mainly in the United Kingdom and the United States.
“During this period, we will add more than 15,000 people to our workforce, make purchases of more than €65 billion to thousands of suppliers – supporting 500,000 jobs, our tax contribution will exceed €40 billion, and we will invest €1.6 billion in R&D&I, while also achieving carbon neutrality by 2030.”
For the UK specifically, ScottishPower plans to invest £24 billion through to 2028, something it had previously announced last year. That programme covers the build-out of the transmission grid across central and southern Scotland and upgrades to electricity distribution networks in central and southern Scotland, north-west England and north Wales. The company also highlighted two large offshore wind projects off East Anglia that together are set to deliver 2.3 GW of generation.
ScottishPower CEO Keith Anderson said its £24 billion UK plan would be transformative. He noted, “The scale of today’s announcement cannot be underestimated, we’re investing record sums to deliver the grid that will stand for the next century.
“The UK has always been an important investment destination for Iberdrola, but now it’s in pole position to benefit further.
“With UK energy demand expected to increase in the next decade, we need a grid that can match that. Together with the UK’s clear energy ambitions and policy frameworks we see a country perfectly positioned to take advantage of a capital investment programme that will unlock growth, boost supply chains and deliver a lasting benefit for decades to come.”
