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Nick Clegg urged by Iberdrola not to jeopardise £10 billion investment

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Iberdrola bosses told Nick Clegg that the government must maintain a good regulatory environment to continue to attract investment.

The chairman of Iberdrola, Ignacio Galán said that the company plan to invest £10 billion through it’s Scottish Power businesses over the next 10 years.

Chief Corporate Officer of Scottish Power,  Keith Anderson said it was“a good constructive meeting”. He added: “Ensuring security of energy supply is the big issue which concerns all of us.”

This comes a week after Galan accused Energy Secretary Ed Davey of undermining Ofgem’s independence. Davey wrote to the regulator to attack the profits made by gas suppliers and calling for the Big Six to be separated.

As Iberdrola announced its annual results, Galán told the Financial Times he was “shocked” by Davey “interfering” with the work of independent regulator Ofgem.

Iberdrola has plans to expand in North America, Brazil and Mexico, with 41% of it’s investment budget (£3.2 billion) being spent in the UK in the next 2 years.

The company is developing major offshore windfarms off East Anglia and West of Duddon Sands, which depend on subsidy. It shelved its Argyll Array in December amid concerns about the seabed conditions and the impact on basking sharks.

It is also investing in electricity transmission and distribution network upgrades in its regulated businesses.

 

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