Iberdrola doubles UK investment ahead of International Investment Summit

Through its ScottishPower business, Iberdrola has invested £30 billion in the UK over the last 15 years, driven by the country’s clear and stable policies and its predictable regulatory frameworks.

After the acquisition of Electricity North West (ENW), the UK becomes the Group’s largest investment destination to 2026.

Given Britain’s significant power demand growth prospects and the energy policies set out to promote Net Zero, industrialisation and electrification, Iberdrola is now setting out a new plan to upweight and accelerate investment in the UK that could reach £24bn between 2024-2028, doubling its previous plan to invest £12bn over the same period.

With the GB electricity grid needing the biggest rewiring ever seen, two thirds of this figure would be directed to transmission and distribution networks:

• Transmission investments will increase following the significant upgrades required in the country under the RIIO-T3 framework, to be approved in 2025.  Investments will include a new subsea superhighway, Eastern Green Link 1, between Torness in Scotland and Hawthorn Pit in England.
• ScottishPower is also in the latest stages to complete the integration of ENW, the distribution network company covering the north west of England.

In addition, ScottishPower will put in service the East Anglia 3 offshore wind farm, currently under construction, as well as East Anglia 2,  a £4bn shovel-ready offshore windfarm recently awarded a contract in the AR6 auction and will provide enough green energy to power the equivalent of 1 million homes. The company also continues investing in new onshore wind, solar PV and battery projects.

Iberdrola Executive Chairman and ScottishPower Chairman Ignacio Galán will join Prime Minister Keir Starmer in Scotland on Friday as the Prime Minister convenes the first Council of Nations and Regions, bringing together First Ministers, Northern Ireland’s First Minister and Deputy First Minister and regional mayors from across England with the aim of boosting growth and living standards in every part of the UK.

Iberdrola’s investment announcement comes ahead of the UK Government’s International Investment Summit in London on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to discuss deepening partnership to drive investment and growth. 

Iberdrola Executive Chairman Ignacio Galán said: “After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn. 

“This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.”

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