Iberdrola has reaffirmed its commitment to the UK. With the announcement of a substantial £12 billion investment plan for the period 2024-2028, Iberdrola is positioning itself as a key player in the country’s energy transition. However, this initiative comes at a time when the UK is seeking to strengthen its energy security and meet its ambitious decarbonization targets.
A history of investment and innovation
Over the past 15 years, Iberdrola has injected nearly £30 billion into the UK’s electricity grid and renewable energy generation capacity. Its subsidiary ScottishPower was the first integrated company in the country to produce 100% green electricity. In addition, this investment path has been accentuated by the recent announcement, underlining Iberdrola’s commitment to sustainable development and energy security.
Details of the Investment Plan
The £12 billion investment plan for 2024-2028 focuses mainly on power grids and renewables. Two-thirds of these investments will be allocated to transmission and distribution networks, encouraged by current regulatory provisions (RIIO T2 and RIIO ED2). Innovative projects such as the recently approved £2.7 billion Eastern Green Link 1 (EGL1) submarine transmission cable are also planned. Once completed, the project will have the capacity to supply clean renewable energy to around 2 million homes, and strengthen the resilience of the UK’s transmission network.
Projects for the future and innovation
Iberdrola also continues to invest in offshore wind energy projects such as East Anglia 3, as well as onshore wind and solar projects, energy sales and green hydrogen. However, these initiatives could intensify with the exploration of new offshore wind energy opportunities such as East Anglia 1 North and East Anglia 2, ready for the next auctions.
Iberdrola’s announcement to invest £12 billion in the UK between 2024 and 2028 is part of a wider trend of investment in clean and renewable energy. Indeed, this not only demonstrates the company’s commitment to the energy transition, but also offers a promising vision for the future of energy security and carbon reduction in the UK.
