The president of Iberdrola, Ignacio Galanratified it before the Prime Minister of the United Kingdom, Keir Starmerthe country’s new energy roadmap, which plans to reach 28 billion euros of investment in 2028. Galán, who was the sole representative of a major Spanish company at the first summit on international investments of the new government of United Kingdom, maintained contacts with various authorities and explained to them its decision to continue investing in the country, which has already become the group’s first investment destination until 2026.
Starmer stressed that citizens “will reap the benefits of Iberdrola’s investments in the country’s green energy sector” and welcomed the fact that the energy company had chosen the UK as its main investment destination, as it represents “a big boost” to the UK economy and “a clear vote of confidence in the ambitious mission to drive clean energy and growth.”
Galán explained that the company’s decision “is a manifestation of confidence in the clear and stable policies of the United Kingdom” and highlighted that “the benefits of electrification in terms of energy security, industrial development, employment and decarbonization are ambitions shared by the United Kingdom. and Iberdrola.
The updated plan is due to the UK’s significant growth prospects for energy demand and its energy policies aimed at promoting net zero emissions and boosting electrification.
Two thirds of Iberdrola’s planned investments in the country will be directed towards distribution and transport networks. Investment needs in the latter will increase due to the improvements required in the country under the regulatory framework from 2026 to 2031, known as RIIO-T3, which will be approved next year. Investments will include, for example, the new Eastern Green Link 1 subsea interconnector.
Concerning energy distribution, Iberdrola is finalizing the integration of the distributor Electricity North West (ENW), whose acquisition for 5 billion euros was signed at the beginning of August.
The company distributes electricity across the North West of England and will continue to invest to maximize security of supply, connect more renewable energy and promote the electrification of the country.
The group will also commission the East Anglia 3 offshore wind farm, currently under construction, and East Anglia 2, recently awarded and which will require an investment of around 4 billion pounds (around 4.8 billion euros).
The company also continues to invest in new onshore wind, solar PV and battery projects. In the last three months alone, the company has announced new investments worth 8 billion pounds (around 10 billion euros): the East Anglia 2 offshore wind farm and ENW.
This is in addition to the more than €36 billion (£30 billion) the company has invested in the country since purchasing ScottishPower, the subsidiary with which it operates in the country.
