The Diplomat
ScottishPower Energy Networks, Iberdrola’s distribution subsidiary in the UK, will invest £3.2 billion (€3.7 billion at current exchange rates) over five years with the aim of continuing to drive the country’s energy and digital transformation as it transitions to an electrified, carbon-free economy.
The company yesterday presented its 2023-2028 network investment plan under the RIIO-ED2 regulatory cycle, explaining that it will deliver ScottishPower’s vision to build a network capable of meeting the challenge of achieving net zero carbon emissions across 105,000 kilometres of network and 30,000 substations, benefiting millions of customers in Scotland, England and Wales.
These investments, the note adds, “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”.
