Scottish Power to spend £2bn in UK this year
26th February 2019 | Commercial Energy
From 2018-2022, Scottish Power will spend £6bn in the UK with 40% on new renewable energy generation, 42% on smarter enhanced networks and 15% on innovative services and products for customers. The Glasgow-headquartered company, a subsidiary of Bilbao-headquartered Iberdrola, will invest in smarter services for customers, including products to unlock the market for electric vehicle ownership.
As part of its strategy for growth Scottish Power announced plans for a new public electric charging service based within the company’s retail division. The new business will install fast chargers across the UK at strategic commercial locations from winder 2019.
The company also announced plans for a 50MW battery storage project at Whitelee, the UK’s largest onshore windfarm. In renewables Scottish Power set out plans to develop a 1GW pipeline of onshore wind projects by 2025, which “remains the lowest cost technology for new electricity generation in the UK.”
Constructions continues at pace for the East Anglia ONE offshore windfarm located 43km off the Suffolk cost. Scottish Power has also gained planning consent for the East Anglia THREE windfarm for up to 1,200 MW and planning consultations on the company’s next two large offshore windfarms in the East Anglia zone have begun.
Chief Executive Keith Anderson, said, “Our first investment plan since leaving coal and gas behind is a historic milestone for Scottish Power and is a vote of confidence in the UK’s commitment to decarbonising the economy. In a time of uncertainty the UK needs to deliver its Industrial and Energy strategy and that’s what we’re providing with our biggest ever investment in a single year.
“Consumers want and need access to reliable, clean and affordable energy. That is what Scottish Power is focussed on delivering and as long as Government climate change commitments stay firm, with sensible policies to support them, this investment will continue.”
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