By Linda Hall •
Published: 30 Nov 2023 • 15:00
UK COMMITMENT: Rishi Sunak, Grant Shapps and Ignacion Galan
Photo credit: hbpl.co.uk
IBERDROLA, Europe’s biggest electricity company and the second-largest globally, intends to invest £12 billion (€13.9 billion) in the UK between 2024 and 2028.
The company’s executive chairman Ignacio Sanchez Galan explained Iberdrola’s plans to the British PM, Rishi Sunak and Defence secretary Grant Shapps during the recent UK Global Investment Summit.
Galan stressed that thanks to the UK’s stable and predictable regulatory frameworks Iberdrola was “more committed than ever” to continuing to invest in its networks and renewables.
The company had invested approximately £30 billion (€34.7 billion) over the past 15 years in the UK’s electricity grid and renewable generation capacity, he added.
Meanwhile, ScottishPower was the UK’s first utility to generate 100 per cent green electricity.
Around two-thirds of Iberdrola’s 2024-28 investments will focus on transmission and distribution electricity networks, with projects that include the £2.7 billion (€3.1 billion) Eastern Green Link 1 undersea transmission cable, which received the go-ahead in November this year.
Construction is due to begin in early 2024 and, once completed, will transport enough clean, green, renewable energy to supply up to two million homes while increasing the resilience of the UK’s transmission grid, Galan announced.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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