ScottishPower has unveiled £5.4 billion worth of contract opportunities as part of the next phase in its electricity network investment.
In what is touted as the company’s “biggest issued contract opportunity ever”, ScottishPower hopes this will support the energy transition by unlocking both green energy infrastructure development opportunities as well as green jobs.
It is worth noting that the contracts will cover the next 10 years and include transmission projects across central and southern Scotland. ScottishPower stated that it will help connect “80-85GW of clean renewable energy to the GB transmission system”.
Upgrading current grid infrastructure has become a necessity for the GB market to achieve its decarbonisation targets. As referenced by Current± in our recent blog exploring wind curtailment, boosting and investing in grid infrastructure will reduce energy bills by allowing more renewable energy to flow through it.
Highlighting the need to improve investment, ScottishPower said that electricity demand forecast is set to double in the next 10 years referencing the International Energy Agency’s (IEA’s) recent report outlining that 600,000km of new or upgraded electricity lines will be needed to meet this requirement.
SP Energy Networks, ScottishPower’s grid business, will use the funding to incentivise companies with the needed skills to help design, develop and upgrade new and existing strategic transmission infrastructure.
This encompasses a range of technologies including new high-voltage substations, overhead line construction and various stages of 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 electrification 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.”
Keith Anderson, CEO of ScottishPower, added that this investment is the “largest overhaul of the grid since its inception” with the funding set to “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”.