Iberdrola will invest 3,500 million in the UK despite regulatory change

Energy company Iberdrola has promised to maintain its planned £3,000 million (€3,488 million) investment in the UK despite the country’s proposed new regulatory framework for network operators on Wednesday, which represents Determine your benefits. The company said in a statement that it plans to continue promoting the country’s energy transition “in its transition to an electric and carbon-neutral economy.”

The investments will be made through Iberdrola subsidiary in the country, Scotch Power, which aims to build a net-zero emissions network through 105,000 km of network and 30,000 sub-stations. Iberdrola has confirmed that these investments will benefit millions of customers in Scotland, England and Wales. Scotch Power It will employ a total of 1,100 professionals Over the next few years, though, the company estimates that thousands of additional “green” jobs will be created indirectly.

This Wednesday, the Office of Gas and Electricity Markets (Ofgem, for its English acronym), proposed reducing the level of benefits received by the country’s electricity network operators for the period 2023-2028 to Keep costs Consumers pay. According to the document, Ofgem plans to limit the return on capital (earnings) for this type of electricity company 4.75%. In the current regulatory framework, the profit limit is between 6% and 6.4%.

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