ScottishPower Plans £12 Billion UK Investment

ScottishPower, a subsidiary of Iberdrola, has announced plans to double its investment in UK clean energy projects from £12 billion to £24 billion by 2028, driven by recent government support for large-scale solar developments. CEO Keith Anderson expressed confidence in the UK’s renewable energy strategy, particularly after Energy Secretary Ed Miliband approved several major solar projects despite local opposition, which he views as a clear signal for investors. The investment will primarily focus on enhancing the electricity grid, with two-thirds allocated for this purpose, including the development of the Eastern Green Link 1, an electricity superhighway. This significant funding boost comes alongside contributions from other energy firms, including £8 billion from Orsted and £2.5 billion from GreenVolt. As a result, the UK has become Iberdrola's largest investment destination, reflecting its commitment to decarbonizing the power grid and meeting future energy demands. The announcement coincides with the upcoming International Investment Summit in London, aimed at attracting further investments in clean energy.