ScottishPower is set to invest a record £10 billion in Scotland as it begins a major rewiring of the nation's electricity grid.

The investment follows the unveiling of a transformational €58 billion strategic plan by ScottishPower's parent company, Iberdrola, which named the UK as its number one destination for investment.

The commitment, announced as the Global Investment Summit began in Edinburgh, is expected to create 2,000 jobs through 2027, with 80% of those roles based in Scotland. The firm will hire 300 new recruits in the final three months of 2025 alone.

New Edinburgh Base for SP Energy Networks

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To support this massive growth, First Minister John Swinney joined ScottishPower CEO Keith Anderson to open a brand-new Edinburgh Park office for its SP Energy Networks business. The new facility will house electricity transmission teams building major subsea links off Scotland's east and west coasts.

First Minister John Swinney said the investment will "drive economic growth and support thousands of high-quality, sustainable jobs," setting a "shining example" of how the green energy transition can create real financial opportunity.

Keith Anderson, ScottishPower CEO, confirmed that the grid is the "energy backbone", and the investment is crucial for reinforcing and building more infrastructure as demand rapidly increases.

The new recruits will work on projects including the underwater electrical superhighways, Eastern Green Link 1 and 4, as well as huge onshore network builds and upgrades across central and southern Scotland. The investment comes as parts of Scotland's electricity grid are nearly 100 years old, a period during which SP Energy Networks has started felling the oldest transmission line in Scotland as part of its multi-billion-pound upgrades.