Scottish Power announces record £2bn investment
Scottish Power has revealed plans to spend up to £2 billion in the UK during 2019, its biggest ever investment in the country in a single year.
The announcement came as the company updated its investment plans following the sale of its thermal generation business and transition to 100% renewable energy in 2018.
Between 2018-2022, Scottish Power will spend £6bn in the UK with 40% on new renewable energy generation, 42% on smarter enhanced networks and 15% on innovative services and products for customers.
Scottish Power will invest in smarter services for customers, including products to unlock the market for electric vehicle ownership.
As part of its strategy for growth, the firm announced plans for a new public electric charging service based within the company’s retail division. The new business will install fast chargers across the UK at strategic commercial locations from winter 2019.
The company also announced plans for a 50MW battery storage project at Whitelee the UK’s largest onshore windfarm. The large-scale battery project will be the first of a series of storage schemes, mainly located at windfarms and at strategic points on the network.
In renewables, it set out plans to develop a 1GW pipeline of onshore wind projects by 2025.
SP Energy Networks will continue to deliver smart and efficient grids capable of supporting the UK’s future energy needs. In 2019 the networks business will focus investments on continuing the company’s leading role in connecting renewables in Scotland, Wales and England.
Investments will also target the digitalisation of the grid including ground-breaking artificial intelligence systems that will control and balance the network in areas with high penetration of low carbon technologies enabling the transition to widespread use of electric vehicles.
Scottish Power CEO, Keith Anderson, said: “Our first investment plan since leaving coal and gas behind is a historic milestone for Scottish Power 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 Scottish Power 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.”