ScottishPower has unveiled £5.4bn worth of contract opportunities as it launches its next phase of electricity network investment.
A boost early in 2024 by its SP Energy Networks business for suppliers of capital goods is the company’s biggest issued contract opportunity ever and will see major investment in green energy infrastructure and green jobs which will bolster the grid for decades to come.
With electricity demand forecast to double in the next ten years, the International Energy Agency says the UK needs more than 600,000km of new or upgraded electricity lines to meet its needs.
A division of Bilbao-headquartered transnational Iberdrola, ScottishPower says it is at the forefront of unlocking green growth and now has billions of pounds in contracts on offer for the supply chain to support its electricity network ambitions and a net zero future.
Keith Anderson, ScottishPower CEO, said: “We’re kickstarting the largest overhaul of the grid since its inception. Our investment plans will help grow our electricity networks, grow our workforce and will provide a massive opportunity for the supply chain whilst unlocking growth for the wider economy.”
“It is vital we get serious about getting on with the job of consenting and getting this new grid built so that we can take advantage of clean green renewables, transport it around the country and lock in our energy security and maintain the UK’s track record in leading on decarbonisation”
ScottishPower’s grid business SP Energy Networks is now encouraging companies with the skills and experience to bid for contracts to design, develop and upgrade new and existing strategic transmission infrastructure.
This will include new high voltage substations, overhead line construction as well as design, engineering, construction, and electrical works.
Vicky Kelsall, CEO of SP Energy Networks, said: “This is one of the most significant infrastructure roll outs to upgrade the grid to support the electricification of the wider economy. We’ve got the plans and we’ve got the financial capital to invest, and the UK supply chain stands ready to benefit to the tune of billions.”
Covering the decade to 2034, the £5.4bn portfolio features transmission projects across central and southern Scotland, connecting 80 to 85GW of clean renewable energy to the GB transmission system. It will help move more green energy across the country and reduce the UK’s reliance on fossil fuels.
In November, the UK government announced plans to halve the time it takes to build high voltage power lines and cut the time it takes to connect to the grid. Its package of measures aims to support economic growth and cement Britain as one of the best countries in the world to invest in renewables.
