ScottishPower has updated its investment strategy following the sale of its thermal generation business to Drax earlier this year.
The UK utility says it will spend up to £2 billion in the UK in 2019, its highest ever investment level in the country in a single year. It will focus spending on smart energy systems and renewable energy generation, it 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,” said ScottishPower CEO, Keith Anderson. “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.”
Between 2018-2022 ScottishPower will spend £6 billion in the UK with 40 per cent on new renewable energy generation, 42 per cent on smarter enhanced networks and 15 per cent on innovative services and products for customers.
Its plans include the creation of a new public electric vehicle charging service within its retail division, and the installation of a 50 MW battery project at the Whitelee onshore wind farm.
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. ScottishPower believes the combination of renewable energy and flexible storage are the most cost effective low carbon solution for consumers.
ScottishPower also intends to develop a 1 GW pipeline of onshore wind projects by 2025.