Energy giant Iberdrola has announced plans to more than double its UK investment, driven by the country's favourable energy policies and significant power demand growth prospects.

Through its ScottishPower business, Iberdrola has invested £30 billion in the UK over the past 15 years. With the recent integration of Electricity North West (ENW), the UK has become the company's largest investment destination.

Iberdrola's new plan, which could reach £24 billion between 2024 and 2028, aims to accelerate investment in the UK and support the country's transition to net zero. Two-thirds of this investment will be directed towards transmission and distribution networks.

Transmission investments will increase to meet the significant upgrades required under the RIIO-T3 framework. In power distribution, ScottishPower will continue investing to enhance security of supply, connect more renewables, and promote electrification.

Additionally, ScottishPower will commission the East Anglia 3 offshore wind farm and invest in the East Anglia 2 offshore wind farm, which was recently awarded a contract in the AR6 auction. The company will also continue investing in onshore wind, solar PV, and battery projects.

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Iberdrola Executive Chairman and ScottishPower Chairman Ignacio Galán will join Prime Minister Keir Starmer in Scotland on Friday as the Prime Minister convenes the first Council of Nations and Regions, bringing together First Ministers, Northern Ireland's First Minister and Deputy First Minister and regional mayors from across England with the aim of boosting growth and living standards in every part of the UK. Iberdrola's investment announcement comes ahead of the UK Government's International Investment Summit in London on October 14th.

Prime Minister Keir Starmer said: "Working people up and down the country will reap the benefits of Iberdrola's crucial investments in our green energy sector. Iberdrola choosing the UK as its largest location for investment is a major boost for our economy, and a clear vote of confidence in this government's ambitious clean energy mission and relentless drive for growth.

"We are creating the conditions for businesses to thrive, and the International Investment Summit next week will be a springboard for every part of the UK to be an engine of innovation and investment – delivering opportunity for all."

Iberdrola Executive Chairman Ignacio Galán said: "After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

"This is a vote of confidence in the UK's clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola."