Press releases
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05/12/2023Iberdrola and Masdar sign global alliance to co-invest up to €15 billion in offshore wind and green hydrogen projects in Germany, UK and the USA Today (5th December) at COP28 in Dubai, global green energy giants Iberdrola and Masdar announced a €15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, UK and the USA. After the parties’ successful co-investment in Baltic Eagle , in Germany, the new milestone of this alliance will be to achieve a further co-investment in relation to the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project. This deal has been under negotiation for the last few months and could be signed by the end of Q1 2024. Masdar’s stake in this wind farm could be 49%. East Anglia 3 is currently in construction, with full commissioning scheduled for Q4 2026. The windfarm secured a 15-year CPI-linked Contract for Difference (CfD) from the UK Government in July 2022. The project will power over 1.3 million British homes and create 2,300 jobs. Beyond the East Anglia 3 transaction, both companies will work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets . Work to identify other opportunities is already underway, and it is anticipated that the total value of joint investments in offshore wind and green hydrogen as part of the alliance could reach €15 billion. The plans, announced at the UN’s climate change conference COP28 in the UAE, demonstrate both companies’ firm commitment to accelerating the global energy transition. HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: “We welcome this partnership which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world. At COP28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.” Iberdrola’s Executive Chairman, Ignacio Galán, said: “Now that 118 governments have already pledged to triple renewable energy capacity by 2030 at COP28, reaching this goal will require immediate action from these governments and the private sector. Following our long-term commitment to renewables, networks, and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering.” “By combining our renewables experience and financial strength with those of Masdar, we can deliver more secure, competitive and clean energy, quicker. We are very pleased to be expanding our existing alliance with a leading long-term partner like Masdar from Germany, where we are already constructing new offshore wind turbines, to the UK and across the world.” Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “We are delighted to be working with our strategic partners, Iberdrola, once again as we explore developing one of the UK’s largest offshore wind farms and other prospects in Europe. With an abundance of wind resources, the UK and Europe are prime markets for Masdar. As we target 100GW by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise. We have been active in the UK for more than a decade, pioneering landmark projects including the world’s first floating offshore wind farm. At COP28, as the world looks to triple renewable energy capacity to secure a greener future, projects such as the 1,400MW East Anglia 3 offshore wind farm show how we can create jobs, power homes and cut emissions.” Iberdrola. a leader in clean energy Iberdrola is the largest utility in Europe and one of the two largest globally, serving a population of more than 100 million people around the world. The company has €150 billion of total assets, 41 GW of renewables in operation and 1.2 million kilometres of networks globally. Iberdrola has offshore wind projects worth more than 10 billion euros under construction globally, all fully financed and with supply chain secured, and all being delivered on-schedule. Turbine installation is already underway at the 800 MW Vineyard Wind 1 project in the US – the first commercial scale offshore windfarm in the country – with first power generation anticipated in the near future. In July this year, Iberdrola connected the Saint-Brieuc offshore wind farm in France to the electricity grid. It is the first large-scale offshore wind project to be delivered in the Brittany region. Additionally, the Baltic Eagle wind farm in Germany is also in construction, which will be operational in 2024, with East Anglia 3 in the UK and Windanker in Germany also scheduled to begin production in 2026. These projects will add to Iberdrola’s current 1,258 MW of operational offshore wind projects, including West of Duddon Sands in the Irish Sea, Wikinger i n the German Baltic Sea, and East Anglia ONE in the southern North Sea, in which the company invested close to 4 billion euros. Masdar, the UAE's clean energy powerhouse As the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, Masdar has been advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar has developed and partnered in projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar has been investing in clean energy projects in the UK and Europe since 2013, including making significant investments in the battery energy storage sector – key to overcoming intermittency issues. Last year, Masdar acquired London-based Arlington Energy, the battery energy storage system developer which has taken over 170MW of assets into operations. Off the coast of Scotland, Masdar has developed the world’s first floating offshore wind farm, the 30MW Hywind project. A decade ago, Masdar and its partners launched the 630MW London Array offshore wind farm, the world’s largest at the time. Masdar’s Global Offshore Wind Division is based in London and the company is pursuing a strategy of joining large-scale projects in the early stages to further strengthen its expertise as an offshore wind developer. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. READ MORE
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04/12/2023Ignacio Galán: "Tripling renewables by 2030 is feasible and will mobilise investments of 2.2 trillion dollars per year" The Executive Chairman of Iberdrola, Ignacio Galán, assured this morning at COP28 that the objective of tripling the installed renewable capacity by 2030 is feasible. There are 118 countries that have already signed up to this objective at the Climate Summit being held in Dubai. They have also committed to double the energy efficiency ratio, increase electrification and reduce methane emissions and the use of fossil fuels. This commitment aims to limit global warming to 1.5ºC by 2050 compared to pre-industrial levels. Iberdrola's Executive Chairman made his first appearance this morning at the Abu Dhabi Sustainability Week (ADSW) Forum, where he stated that action to achieve the goal must be immediate. Electricity demand needs to increase by a factor of 2.5 to achieve zero net greenhouse gas emissions. In this context, the Executive Chairman of Iberdrola stressed that, "to meet this demand, investments in the global electricity system will have to increase from 800,000 million dollars a year to 2.2 trillion dollars a year by 2030". The chairman of Iberdrola also pointed out that attracting the huge investments needed in renewable energies, grids and storage will require clear, predictable and stable energy policies to generate confidence and sufficient incentives. Ignacio Galán has advocated for regulations that speed up permitting, facilitate long-term power contracts (known as PPAs) and adequately remunerate regulated assets. "We need to accelerate the expansion of electrification through renewables to reduce our dependence on fossil fuels. Grid investments must also grow exponentially, as nearly 80 million kilometres of grids will need to be added or replaced over the next 20 years," he said. The role of green hydrogen The Executive Chairman of Iberdrola also participated in a debate organised by the European Roundtable for Industry (ERT) on the Future of Climate, Sustainability and Clean Energy. During the event, held in the COP28 Innovation Zone, Ignacio Galán highlighted the important role of green hydrogen in the energy transition; a technology that is already a reality and demonstrates the company's commitment to new technologies to achieve a safe, clean and competitive energy industry. Galán also stated that "tripling renewable capacity by 2030 is possible, in the same way that we have already achieved in 2020 that more than 20% of Europe's energy consumption will come from clean energies". The ERT brings together 60 CEOs and CEOs of European industrial and technology companies operating around the world - some producing a lot of energy, others operating in energy-intensive sectors - all of whom are committed to zero emissions and acting on a large scale to achieve the EU's climate targets. For many companies, this commitment means the total transformation of their business operations around the world, in increasingly difficult geopolitical circumstances. The climate action agenda is global and must be a priority for all. The challenge is not only to achieve climate neutrality in the EU, but also internationally, as soon as possible. As European industry has been at the forefront of inventing clean technology solutions to rapidly reduce emissions over the last decade, the ERT encourages governments to support the modernisation of infrastructure and to create an enabling environment for businesses, including energy-intensive industries, to decarbonise effectively, sustainably and competitively. ERT members have combined revenues in excess of €2 trillion. Galán's meeting with young climate activists Afterwards, Ignacio Galán met with young climate activists at COP28 to discuss the career opportunities offered by the energy transition and how best to attract the green talent of the future. Reinforcing Iberdrola's commitment to clean technology education, Iberdrola Executive Chairman Ignacio Galán said: "Young people are a necessary accelerator of the energy transition and we are focused on creating the best pathways for them to build green careers of the future and benefit from a sustainable and prosperous green economy. The conversations we are having today are more important than ever to understand the expectations, needs and hopes of young people so that we can continue to improve access to our sector for generations to come". The event, hosted by Iberdrola and attended by UNICEF, focused on the vital role young people play in accelerating the energy transition and how developing skills in this area is directly linked to achieving sustainable, decarbonised and resilient economies and societies. The green economy is the future, and the jobs of the future are in the green economy. Representatives from the International Labour Organization (ILO) and the United Nations Framework Convention on Climate Change (UNFCCC) were also present at the discussions. Amanda da Cruz Costa, founder and executive director of the Instituto Perifa Sustentável from Brazil; Saif Al-Qudah from the United Arab Emirates, specialist in energy transition and climate change mitigation; Shivi Dwivedi, ambassador to Antarctica from India; Martin Masiya, founder and executive director of the Instituto Perifa Sustentável from Brazil; Shivi Dwivedi, ambassador to Antarctica from the United Arab Emirates, specialist in energy transition and climate change mitigation; Martin Masiya, founder and CEO of Sollys Energy from Malawi; Nigerian-American Amara Nwuneli, Ashoka Fellow and founder of Preserve Our Roots; and Mohamed Ageez from Egypt, green jobs advisor and innovation policy researcher. READ MORE
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01/12/2023Iberdrola and bp pulse launch their fast and ultrafast charging joint venture in Spain and Portugal Iberdrola and bp pulse proudly announce the formal launch of their joint venture that recently received regulatory authorizations. The new company plans to create the most extensive high speed public charging network in Iberia. The aim is to promote access for all citizens to a reliable, high-speed charging infrastructure and thus helping to remove one of the main barriers to the adoption of electric vehicles. The new company, formed by Iberdrola and bp pulse, plans to invest €1 billion with aims to deploy 5,000 charge points by 2025 and 11,700 by 2030, powered by 100% renewable energy through use of guarantee of origin certificates. The company already has over 300 operational fast (>50kW) and ultra-fast (>150kW) EV charge points. Headquartered independently in Madrid and Oporto, the new company will be led by Pablo Pirles from Iberdrola, who has been appointed CEO and Elena Melia from bp, who is to be appointed CFO. Iberdrola offers comprehensive mobility services to cover all the needs of electric vehicle users with an extensive charging infrastructure: residential, business and public charging, including solutions for urban and heavy transport. bp has an extensive network of 1,300 service stations, most of which can be used as charging hubs for the new company in Spain and Portugal. This will enable drivers of electric vehicles to charge at secure stations with access to additional convenience services. The new company signifies a powerful collaboration between Iberdrola and bp pulse, bringing together their strengths and resources to offer first-class public charging experiences to EV drivers in Spain and Portugal to help accelerate the transition to more sustainable transportation. In this regard, the CEO of the new company, Pablo Pirles, said that "through this alliance we seek to make ultra-fast public charging accessible to all citizens, since the high speed of our network allows us to obtain autonomy for up to 200 kilometers in just a few minutes of charging. Our goal is to promote the definitive take-off in the use of electric vehicles, and, in addition, we do so with 100% renewable energy through use of guarantee or origin certificates, contributing to accelerating the energy transition”. This transaction joins others recently carried out by Iberdrola, such as the agreements signed with Mapfre, Norges Bank Investment Management, Masdar, GIC and Energy Infrastructure Partners. EV charging is one of the key growth engines driving bp's transformation to an integrated energy company. In addition to this alliance, bp is working with partners like Uber, Hertz, Marks & Spencer, REWE, DiDi and Tesla. About the Joint Venture between Iberdrola and bp pulse The new company between Iberdrola and bp pulse will be established in 2023 as a result of the strategic alliance between the two energy companies to lead the deployment of high-speed public charging infrastructure for electric vehicles in Spain and Portugal. With an investment of €1 billion the new company has set itself the goal of reaching 11,700 fast and ultra-fast charging points in operation by 2030, with the aim of providing service to all drivers of electric vehicles. The company thus seeks to democratise access to electric vehicles and encourage the transition to a more sustainable mobility model through the implementation and commissioning of an extensive charging network. READ MORE
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30/11/2023Mesta and Carbon2Nature join forces to reduce methane emissions in the primary sector Mesta, a company created by Pascual Innoventures and 7r, and Carbon2Nature, a new firm launched by Iberdrola España to reduce the global carbon footprint through nature-based solutions, are joining forces to promote decarbonisation in the primary sector. They will reduce methane emissions due to the enteric fermentation process in livestock farming through a strategic alliance which, in turn, will provide strong social and economic support to the agri-food industry. Thanks to this agreement, both companies will co-develop an innovative pilot project focused on acting on methane emissions, a greenhouse gas with an impact 80 times greater than CO2 over a period of 20 years and a permanence in the atmosphere of more than a decade. Specifically, the project has a first phase of implementation where it is estimated that 600 tonnes of CO2 equivalent (CO2e) emitted by cows on several of Pascual's supplier farms will be eliminated. The initiative is planned to evolve and expand to other livestock farms with the aim of exceeding 5,000 tonnes of CO2 e avoided by 2025. The programme is based on improving the cows' feed, while maintaining their productivity and welfare. Dairy cows will receive precision feeding through a specific feed supplement that achieves a 10% to 20% reduction in methane emissions from enteric fermentation. These reductions will be certified by accredited entities and registered as carbon equivalent credits that can be purchased by companies committed to accelerating the decarbonisation of the primary sector. These credits will be traceable to their origin thanks to the blockchain technology of Trinity AgTech and certified by EQA. In this regard, Diego Paradinas, CEO of MESTA, points out that "this alliance between two leading companies, which share the same business philosophy, allows us to move forward in building a more prosperous and sustainable future. We have made a joint commitment to position ourselves as drivers of change". Miguel Ángel García Tamargo, director of Carbon2Nature, points out that, "this project is part of our line of innovation to support emerging decarbonisation solutions with great potential for scalability thanks to carbon finance. Together with a benchmark in the dairy sector such as Pascual, this pilot allows us to address an important source of emissions that is difficult to eliminate and which to date has received little research and funding. Its success will bring significant benefits to the agricultural sector by helping to decouple its climate impact from production. Currently, the project is implemented in six farms located in the provinces of León, Lugo, Palencia and Pontevedra which, in addition to making a significant contribution to reducing the impact of the agri-food sector, also serve as social and economic support for their local communities. In this way, the project is also positioned as a tool to promote the transformation and revitalisation of rural areas. The power of collaboration to accelerate the ecological transition In a context of climate emergency, it is essential to work together with leading companies that share values and objectives, as is the case of the strategic alliance reached by Mesta and Carbon2Nature, which are backed by leading companies in their sectors and with a firm commitment to sustainability. Thus, in the case of Carbon2Nature, the new company promoted by Iberdrola España was created with the mission of developing high impact carbon capture and emission reduction projects that reduce the global carbon footprint, improve biodiversity and promote a sustainable economy. A purpose it shares with Mesta, a partnership between Pascual Innoventures and 7R Ventures, which has become the first platform in Spain aimed at companies that want to reduce or offset their emissions with local projects and short-term impact. Thanks to the experience, the high degree of specialisation and the strong commitment of both companies to local funding and the implementation of highly traceable actions, the project is expected to evolve substantially in the coming years. About Pascual Innoventures Pascual Innoventures is the open innovation arm of Pascual and dives into the entrepreneurial ecosystem to create partnerships with startups that share the same philosophy; anticipating global food needs and presenting it to society. The aim is to provide the consumer with a memorable experience and, at the same time, contribute to the survival of our beautiful planet. It was created as a different model of Corporate Venture Capital to identify and develop new growth and business opportunities. It is a commitment of the Pascual family, created as an independent company, which works autonomously, more agile, but shares the same vision and values as the company. We have four pillars: Explore, Invent, Invest and Accelerate. Our goal is to help startups develop to grow hand in hand. We are not only an investment vehicle, but also an accelerator partner that will accompany them throughout the process, from the development of the idea or business, to the search for other investors. Mylkcubator, the first global incubator focused on the detection and development of highly innovative startups specialised in the application of new technologies to the dairy industry value chain, was born out of Pascual Innoventures and is now in its second edition. About Carbon2Nature Carbon2Nature is a company wholly owned by Iberdrola España that promotes Nature-Based Solutions (NBS) projects to reduce the global carbon footprint, promote biodiversity and foster a sustainable economy. Its objective is to capture and fix in natural sinks more than 60 million tonnes of CO2 thanks to the promotion of ecosystem conservation and restoration projects in more than 100,000 hectares, mainly forests, but also coastal and agricultural ecosystems. Carbon2Nature capitalises on the potential of carbon credit markets, driving the development of in-house or collaborative projects that will generate high quality carbon credits, which Carbon2Nature will make available to its clients to support them on their path to net zero emissions, complementing ambitious decarbonisation strategies. READ MORE
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29/11/2023Ignacio Galán participates in the Iberdrola Supera Awards Ceremony Of the more than 900 nominations submitted, the six winners of the 4th edition of the Iberdrola Supera Awards were announced today. It has been during a very emotional gala, with more than 200 guests, in which six projects of great social significance and with a common denominator: to promote gender equality through different sports practices have been distinguished. Ignacio Galán, Executive Chairman of Iberdrola, participated this afternoon in the prize-giving ceremony, which will provide real support to the winners. This is a contest endowed with 300,000 euros, 50,000 for each of the categories: Supera Base, Supera Competition, Supera Innovation, Supera Inclusion, Supera Social and Supera Dissemination. During the awards ceremony, hosted by journalist Nico Abad and Margarita Álvarez, Galán thanked the winners for "contributing with their initiatives to building a fairer and more caring society based on the values that Iberdrola shares: those of effort, self-improvement and commitment which, in short, are also those of the good practice of sport from its base. These are profoundly social awards starring anonymous women and girls who will carry out admirable projects. We are truly fortunate to be able to support them." Two of the great attributes that identify Iberdrola are women's sports and its anticipation of the green transition. The awards will be used to make the projects in the six categories of the competition a reality: Supera Base, for the promotion of grassroots sports among girls up to 16 years of age, which went to Club C.D Guretxoko from the Basque Country, for promoting the presence and prominence of women in a sport that is a priori dominated by men. Supera Competición, to help the incorporation of women in competition, which will help the Club Balonmán Cañiza of Galicia to improve the training infrastructure of the first team that competes in the División de Honor Plata Femenina handball league. Supera Inclusión, for the insertion of women with special abilities in the practice of sports, which will help people with limited mobility and/or sensory disorders to experience the thrill of diving with Marina Muñoz, in the Canary Islands. Supera Social, which rewards the integration of women in society through sport, and which went to the EMET Foundation in Andalusia for carrying out sports workshops as therapy for vulnerable women in its centers. Supera Difusión, for enhancing the visibility of women's sports, which went to the Patronato Deportivo Municipal de Siero to publicize the feat of 78 Asturian women who will climb 78 summits simultaneously and who will broadcast their action on video to promote the practice of amateur sports. And finally, Supera Innovación, designed to improve the practice of sports through science and/or technology, for the Club Patín Gijón Solimar (Asturias) to apply Artificial Intelligence and Virtual Reality in their training to avoid injuries. The decision of the Jury of Honor - composed of Susanna Griso, Sonsoles Ónega, Eli Pinedo, Ona Carbonell, Carolina Marín, Jesús Carballo, Manu Carreño, Marta Arce, Paloma del Río, Sandra Sánchez, Teresa Perales, Alexia Putellas, Lydia Valentín, Susana Rodríguez and Vicente del Bosque - has been known in a very emotional gala that has put its finishing touch with the performance of the singer Sole Giménez, and which was attended by many of the 32 Iberdrola Ambassadors, as Teresa Portela (canoeing), the athlete Desirée Vila or Loida Zabala (para-athletics). The president of the Spanish Sports Council, Víctor Francos; the secretary general of the Spanish Olympic Committee, María Victoria Cabezas; and the president of the Spanish Paralympic Committee, Miguel Carballeda, among others, did not want to miss the event either. Iberdrola is, since 2016, the main promoter of women's sports in Spain. It supports 32 National Federations, reaching more than 600,000 women, that is, two out of every three federated women, and has more than a hundred competitions with Iberdrola's own name, including 32 leagues. READ MORE
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28/11/2023Iberdrola launches "Construyendo Juntos" (Building Together), a pro bono legal project for social entities in collaboration with 14 law firms In line with the company's social commitment, the launch event for the new "Construyendo Juntos" (Building Together) project was held today at Iberdrola's headquarters in Madrid, bringing together more than 100 attendees, including social organisations such as Save The Children and UNICEF Spain and Spain's leading law firms. "Building Together" is a multidisciplinary project whereby the professionals of Iberdrola's Legal and Tax Services, in collaboration with the lawyers of the 14 signatory law firms, will provide training and legal and tax advisory services of the highest quality to non-profit organisations. This initiative will enable the beneficiary entities to cover their present and future training needs on legal and tax matters. To this end, Iberdrola professionals and collaborating law firms will contribute their knowledge and work on a voluntary basis in a task of a markedly social nature. The project will be developed through three types of activities: face-to-face training days, production and publication of materials - such as guides to legislation or regulations on legal matters - and thematic workshops of a practical nature. This initiative, included in Iberdrola's legal and tax Pro Bono Programme and led by its General and Board Secretariat, is the first global agreement reached for this purpose between in-house legal counsel and a group of leading law firms in the sector in Spain and worldwide. The alliance was materialised at a ceremony in the presence of Iberdrola's Secretary General and Board and the managing partners of Allen & Overy, Baker McKenzie, Broseta, Clifford Chance, CMS Albiñana & Suárez de Lezo, Cuatrecasas, Garrigues, Hogan Lovells, Linklaters, Ontier, Pérez - Llorca, Uría Menéndez, Watson Farley & Williams and White &Case. Following the signing of the agreement, three round tables were held - "The Impact of Pro Bono Jurídico on accessibility to justice", "Pro Bono Jurídico as a responsible and sustainable practice" and "Pro Bono by country: Success stories"- with the participation of leading experts and representatives of the Pro Bono field (Pro Bono Spain Foundation, UNICEF Spain, Candelita Association, partners responsible for the Pro Bono area of the law firms Uría Menéndez, Garrigues, Pérez-Llorca, CMS Albiñana & Suárez de Lezo, Baker McKenzie, Clifford Chance, Allen & Overy, Watson Farley & Willians and members of Iberdrola's Global Pro Bono Legal and Tax Team). An agreement for society This global agreement represents a further manifestation of the social sensitivity of the signatory firms and Iberdrola, in accordance with its commitment to the social dividend, set out in its Bylaws, with ESG criteria (environmental, social and governance) and with the highest ethical standards. Specifically, the "Building Together" project allows them to share the talent of their teams to participate in social development and generate a positive impact on the communities in which they operate. READ MORE
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27/11/2023Iberdrola sets out £12bn investment plan at UK Global Investment Summit Over the past 15 years Iberdrola, the largest electricity company in Europe and one of the two largest worldwide, has invested close to £30bn in the UK’s electricity grid and renewable generation capacity. Its ScottishPower business was the first UK integrated utility to generate 100% green electricity. At the UK Global Investment Summit in London, hosted by Prime Minister Rishi Sunak, Iberdrola provided further details of its investment plans in the country, focused on electricity networks and renewables. Iberdrola Executive Chairman Ignacio Galán said: “Iberdrola is proud to play our part in supporting the UK’s leadership position on decarbonisation. “Over the past 15 years, we have invested close to £30 billion in bringing the benefits of greener and more secure energy to the UK. “Backed by clear regulatory and policy frameworks, we are as committed as ever to speeding up our investments in the UK’s electricity grid and renewables generation.” With more than £2 billion invested in the UK as part of its previously announced £6.7bn programme for the years 2023-25, the company plans to build on this with investments of over £7 billion more in the years 2026-28. This amounts to a £12 billion investment programme for 2024-28. Around two-thirds of the 2024-28 investments will be dedicated to transmission and distribution electricity networks, driven by regulatory arrangements in place (RIIO T2 and RIIO ED2), as well as projects like the innovative £2.7bn Eastern Green Link 1 (EGL1) subsea transmission cable, which received regulatory approval this month [November 2023]. Construction of EGL1 will begin in early 2024 and, when completed, the link will transport enough clean green renewable energy to power up to 2 million homes and will increase the resilience of the UK’s transmission grid. In addition, the company will continue investing in its East Anglia 3 offshore wind farm, as well as in onshore wind and solar projects, energy retail and green hydrogen. These investments could be further increased with additional offshore wind opportunities, like East Anglia 1 North and East Anglia 2, which the company has ready for upcoming auctions. * Iberdrola’s plans to invest £12bn in the UK over the years 2024-28 builds on the programme the company announced, in November 2022, to invest £6.7bn in the UK over the years 2023-25. Iberdrola increases UK ambition with expanded ScottishPower investment to 2025 - ScottishPower * Further background on Eastern Green Link 1 (EGL1) is available at Home - Eastern Green Link 1. Over the past year, Iberdrola (through ScottishPower) has been jointly developing this new subsea transmission line with National Grid. This is one of the first projects to be developed under the Electricity System Operator’s (ESO) Holistic Network Design programme, which is the blueprint for the UK’s future net zero transmission system. * In November 2023, we received regulatory approval to fund the project and to progress to the placement of contracts. Meeting this important milestone means that we are now able to give the green light to deploy Iberdrola’s investment in its share of the project. Construction will begin early next year, with a 2029 target date for operation. * When completed, EGL1 will transport enough clean green renewable energy to power up to 2 million homes and will increase the resilience of the UK’s transmission grid. EGL1 is a 2 gigawatt (GW) high-voltage direct current (HVDC) line from East Lothian in Scotland to County Durham in England, which will run under the sea for most of its 196km length. It will be a ‘first of its kind’ project in its use of innovative cabling solutions in a marine context. READ MORE
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22/11/2023RAI recognises Iberdrola for its transformation, evolution and growth to become the leading electricity company in Europe. The Royal Academy of Engineering (RAI for its initials in spanish) has awarded the Academiae Dilecta distinction to Iberdrola for its commitment to innovation and its pioneering commitment to a sustainable energy model, which allows it to promote social and economic development in its environment. The ceremony was held at the headquarters of the Royal Academy of Engineering and the award was collected by the CEO of Iberdrola Spain, Mario Ruiz Tagle, from the President of the RAI, Antonio Colino. READ MORE
