Galán confirms Iberdrola's commitment to the UK at the International Investment Summit with Starmer
Iberdrola is consolidating its position as one of the largest companies in the United Kingdom, and its Chairman Ignacio Galán, in the context of the new British government's first international investment summit, met with the country's Prime Minister, Keir Starmer, and other members of the government to present the electricity company's new roadmap in the country.
During the private meeting with Starmer, Galán personally ratified the electricity company's new roadmap in the country, a plan that envisages doubling the investment forecast to more than 28,000 million euros by 2028.
Ignacio Galán is the only representative of a large Spanish company at the summit, which was attended by the chief executives of a dozen multinational giants from around the world.
Galán has been in contact with several UK government officials and has explained his decision to continue investing in the country, after it has already become Iberdrola's top investment destination until 2026.
UK Prime Minister Keir Starmer said: ‘People will reap the benefits of Iberdrola's investment in our country's green energy sector. The fact that Iberdrola has chosen the UK as its main investment destination is a major boost to our 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 an expression of confidence in the UK's clear and stable policies’ and added that ‘the benefits of electrification in terms of energy security, industrial development, employment and decarbonisation are ambitions shared by the UK and Iberdrola’.
The update of the plan is driven by the UK's strong energy demand growth prospects and its energy policies aimed at promoting net zero emissions and boosting electrification.
Destination of investments
Two thirds of the investment planned by the company chaired by Ignacio Galán will go to distribution and transmission networks. The investment requirement in the latter will increase due to the improvements required in the country under the 2026 to 2031 regulatory framework, known as RIIO-T3, which will be approved next year. Investments will include, for example, the new Eastern Green Link 1 submarine interconnection.
In energy distribution, Iberdrola is in the final stages of completing the integration of the distributor Electricity North West (ENW), whose acquisition for 5,000 million euros was signed at the beginning of August. This company distributes electricity in the northwest of England and will continue to invest to maximise security of supply, to connect more renewable energy and to promote the electrification of the country.
Iberdrola will also start up the East Anglia 3 offshore wind farm, which is currently under construction, and the recently awarded East Anglia 2, which will require an investment of around 4,000 million pounds (around 4,800 million euros). The latter project will provide enough green energy to power the equivalent of around one million homes. 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 of £8 billion (nearly 10 billion euros): the East Anglia 2 offshore wind farm and ENW. This amount is in addition to the more than 36 billion euros (30 billion pounds) that the company has invested in the country since the purchase of ScottishPower, the subsidiary with which it operates in the country.
