Energy giant Iberdrola, which owns Scottish Power, is to invest £12 billion and create 1,000 jobs by 2026, as it looks to speed up the UK’s move towards electrification.
The renewable energy business will expand its wind and solar farms and upgrade the cables required to transport power around the country.
The measures announced by Iberdrola are seen as key to decarbonising Britain’s electricity network.
Iberdrola’s executive chairman Ignacio Galan said: “The electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonisation, boosting energy security, and reducing the volatility caused by fossil fuels.
“Customers are already driving this change. People are not returning to fossil fuels after they move to electric. Those who flip from petrol to electric vehicles do not move back, likewise for customers replacing gas boilers with heat pumps.”
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Around £4.5 billion of the investment will go towards building high-voltage power transmission lines and distribution lines which transport energy from local substations to the home, between now and 2026.
A further £3.8 billion is earmarked for increasing renewable energy generation, along with some onshore wind farm projects and a number of solar farms. At least 1,000 jobs will be created over the next two years in Britain.
Another £1.7 billion will be spent by 2028 once final investment decisions are made and construction on the wind and solar farms starts.
