- Iberdrola plans to invest €14B in UK electricity grids by 2031.
- The investment includes new submarine connections between Scotland, England, and Wales.
- The plan will create over 12,000 jobs and add €2.3B annually to the UK economy.
- The UK is Iberdrola's main investment destination with €20B planned by 2028.
Investment Overview
Iberdrola is set to invest €14 billion in the United Kingdom's electricity grids, marking the largest investment in the company's history. This initiative is driven by the increasing electricity demand across various sectors and the UK's push for electrification.
Project Details
The investment will focus on constructing new submarine connections between Scotland, England, and Wales. Key projects include Eastern Link 1, Eastern Link 4, and Western Link 2, which will involve over 1,100 kilometers of underwater cable and six converter substations.
Economic Impact
The plan is expected to create more than 12,000 jobs and contribute €2.3 billion annually to the British economy. It aims to enhance grid capacity, support industrial growth, and integrate new renewable energy sources.
Regulatory Approval
The British regulator, Ofgem, has approved the investment framework, known as RIIO T3, which will govern electricity transmission until 2031. This approval follows a nearly two-year consultation with stakeholders.
Future Plans
The United Kingdom is solidifying its position as Iberdrola's primary investment destination, with a total of €20 billion planned between 2025 and 2028, primarily in electricity grids.
