Energy company ScottishPower has announced that it will invest £6bn in UK energy by 2022 including £2bn in 2019, the company’s highest investment in a single year.
The announcement follows ScottishPower selling its thermal generation business as part of its transition to 100% renewable energy.
ScottishPower said that of the £6bn it plans to invest 40% on new renewable energy generation, 42% will be spent on smarter enhanced networks and 15% on services and products for customers. This includes a public electric charging service, which will install electric vehicle (EV) chargers across the UK by the winter of 2019.
The company will continue to develop offshore windfarms including East Anglia ONE, a £2.5bn project that it says could provide enough energy for 630,000 homes annually. ScottishPower intends to establish further farms in the East Anglia region having obtained planning consent for the 1200MW East Anglia THREE windfarm, as well as being in consultation for building East Anglia ONE North and East Anglia TWO.
ScottishPower expects to develop 1GW of onshore wind projects by 2025, with additional plans for a 50MW battery storage project at Whitelee onshore windfarm in Scotland. The company will also invest in the digitalisation of its energy grids to connect renewables in Scotland, Wales and England.
ScottishPower CEO Keith Anderson said: “Our first investment plan since leaving coal and gas behind is a historic milestone for ScottishPower and is a vote of confidence in the UK’s commitment to decarbonising the economy. In a time of uncertainty, the UK needs to deliver its Industrial and Energy strategy and that’s what we’re providing with our biggest ever investment in a single year.
“Consumers want and need access to reliable, clean and affordable energy. That is what ScottishPower is focused on delivering and as long as Government climate change commitments stay firm, with sensible policies to support them, this investment will continue.
“Now that we have sold our gas power stations our growth plans are about cleaner and smarter power that will help the UK to decarbonise faster and we have set out the part we will play in the transition to electrify the economy where it matters most now – in transport and in heating.”