ScottishPower’s multi-billion investment in UK clean energy is vote of confidence in Government’s clean power mission

11 October 2024 - RenewableUK press release

Commenting on Iberdrola’s announcement that ScottishPower will double its investment in UK renewable energy projects and grid infrastructure over the next four years from £12 billion to £24 billion, RenewableUK’s Executive Director of Policy Ana Musat said:

“This is a huge vote of confidence in the UK’s energy market and in the new Government’s clear commitment to the energy transition in its clean power mission, which will include key reforms to the planning system to enable vital new energy infrastructure to be built faster.

“It shows that the UK is one of the most attractive destinations for international investment which will be instrumental in securing tens of thousands of new jobs in Britain’s world-class clean energy sector. The Government’s International Investment Summit in London, which opens on Monday, also demonstrates the scale of the UK’s ambition to boost our position as a global leader in green growth.

“To continue securing investment, it is essential that the Government ensures the business environment remains as attractive as possible, and that the reforms needed to accelerate the energy transition are not detrimental to investor confidence. For example, the upcoming package of electricity market reforms should evolve our market arrangements carefully, and steer clear of options like zonal pricing, which would increase the cost of investment across all technologies and make the attainment of clean power by 2030 more expensive”.

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Notes

For further information, contact

Robert Norris, Head of Communications
07969 229 913 Robert.Norris@RenewableUK.com

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