ScottishPower To Invest £3.2 Billion In The UK Over 5 Years

scottish power reuters

ScottishPower Energy Networks, Iberdrola’s distribution subsidiary in the UK, unveiled its 2023-2028 network investment plan. The company will invest £3.2 billion – around €3.7 billion – over five years, with the aim of driving the UK’s energy and digital transformation as it transitions to an electrified, carbon-free economy.

Frank Mitchell, CEO of ScottishPower Energy Networks, said: “We provide an essential public service: maintaining the electricity supply for 6 million people in 3.5 million homes and businesses. This is an important and responsible job that goes beyond ‘keeping the lights on.’ These investments are critical and, five months before COP26, the launch of this plan shows our commitment to our communities in the UK.” In his view, “the scale of the task cannot be underestimated. If the UK is to meet its Net Zero targets, we must deliver one of the biggest and fastest upgrades to its critical infrastructure ever seen in the UK”.

ScottishPower’s plan is to build a network capable of meeting the Net Zero challenge across 105,000 kilometres of network and 30,000 substations in Scotland, England and Wales. These investments will contribute to the growth of low carbon technologies to meet the UK’s climate targets, with 670,000 electric vehicles, 370,000 domestic heat pumps and an additional 5,000 MW of renewable generation capacity.

ScottishPower’s initiative – the UK’s first 100% green energy company – envisages hiring more than 1,100 professionals and generating thousands of indirect green jobs over the period.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.