Iberdrola, ScottishPower Chairman Discusses UK Investments with George Osborne MP

Iberdrola and ScottishPower Chairman and CEO Ignacio Galan met yesterday with the UK’s Chancellor of the Exchequer, the Rt Hon George Osborne MP.

The meeting took place in the Treasury in London, where Ignacio Galan outlined Iberdrola’s investment plans and praised the UK’s long track record of a consistent regulatory framework.

With the Electricity Market Reform and the Energy Bill progressing through the UK Parliament, the Chairman was also keen to discuss the significant regulatory issues to be addressed in particular clarification of the medium to long term regulatory mechanism.

He called for the Electricity Market Reform to be finalised as soon as possible, establishing reasonable investment conditions for energy generation plans currently being developed.

Following the meeting, Galan said: “The energy sector remains a significant driver for economic growth and employment in the UK. The country will be one of the main destinations for Iberdrola’s investments in the coming years, given the energy requirements and the stable regulatory framework it provides.”

Amongst the series of planned investments in the UK across both grid networks and generation, Galan highlighted the planned investment in offshore wind projects, including the 7.2GW East Anglia offshore wind zone and the first UK manufacturing contract, which was signed with two UK companies.

The £17million contract with UK-based Wood Group and Steel Engineering is for the manufacture of two weather stations for the offshore wind zone off the Norfolk and Suffolk coast.

Commenting, Chancellor George Osborne said: “This investment and the jobs that it will create are good news for the British economy and show the Government’s success in creating an environment that encourages companies to invest in this country.” 

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Press release, September 27, 2012; Image: Iberdrola