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ScottishPower unveils £2 billion investment with battery storage, EVs in its crosshairs

Image: ScottishPower.

Image: ScottishPower.

ScottishPower has unveiled a £2 billion investment programme for 2019 to target large-scale battery storage and public EV charging points.

The investment, the company’s largest in a single year, comes after the sale of ScottishPower’s thermal generation business late last year.

Keith Anderson, chief executive at ScottishPower, said that the firm’s growth plans were now about “cleaner and smarter power” that would enable the UK to decarbonise faster.

“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,” he said.

The £2 billion earmarked for 2019 forms part of a wider, £6 billion investment programme slated to take place between 2018 and 2022. That is to fall 40% on new renewable generation, 42% on smarter networks and 15% on innovative services and products for the firm’s ~5 million customers.

Part of that consumer offering relates to products aimed at unlocking the electric vehicle market, which ScottishPower has already set in its crosshairs. Late last year the company unveiled an end-to-end EV service followed by an innovative EV tariff for its customers.

This is to be followed by plans for a new public electric charging service based within ScottishPower’s retail division, with fast chargers to be installed at strategic commercial locations throughout the UK from winter 2019.

In relation to battery storage, ScottishPower has already announced plans for a 50MW battery storage project adjacent to its Whitlee onshore wind farm, which is the country’s largest.

This will now be the first of a series of storage schemes earmarked for onshore wind farms and at “strategic points” on the network, with ScottishPower citing the combination of renewables and flexible storage assets to be the “most cost effect low carbon solution” for consumers.

In addition, the firm is to develop a 1GW pipeline of onshore wind projects by 2025.

Just last week ScottishPower reported a surge in profits across its three core divisions, lauding what it described as a “pivotal year” in its “landmark journey” towards an entirely renewables business.

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