Scottish Power parent company Iberdrola has confirmed it will invest a record £12 billion in the UK to build the green infrastructure needed for net zero.
In its latest capital market update the company has revealed it is investing more in the UK than Spain, Germany, France and Australia combined.
Up to 2026, the firm will invest a total of £5.2 billion in networks, split between distribution (£2 billion) and transmission (£3.2 billion).
Renewables will receive £4.4 billion, while the customer business and hydrogen will receive c.£400 million.
Beyond this, a further £2 billion will be allocated up to 2028 once projects go through final investment decisions and begin construction. A spokesperson however confirmed that this sum will likely increase.
Iberdrola chairman, Ignacio Galán, said: “Our transmission investments will grow significantly, thanks to the expansion of our current regulated asset base and large new projects in the UK exceeding £5.2 billion in networks.”
It comes as Galán held separate meetings with Chancellor Jeremy Hunt and shadow Chancellor, Rachel Reeves, to outline Scottish Power’s plans for the UK.
Galán said: “Our strategy will focus on delivering enhanced grid to support security of supply, now 60% of our total investment, as well as a strong expansion of renewables capacity, driven by the substitution of fossil technologies and additional demand. We also recognise an increasing role of storage technologies to preserve the balance between supply and demand 24 hours a day.
“Our strategic pillars focus on networks, geographical diversification, and a balanced energy and customers mix. This plan will allow us to grow our asset base, grow our profitability and strengthen our finances, as well as increasing dividends and driving jobs and skills and economic growth.”