Iberdrola plans to invest GBP24 billion in UK energy by 2028

Iberdrola announced plans to increase its UK electricity investments to GBP24 billion ($31 billion) from 2024 to 2028, more than doubling its previous commitment. Two-thirds of this funding will focus on upgrading transmission and distribution networks. The company is also investing in offshore wind, with the East Anglia 3 project under construction and East Anglia 2 recently awarded a contract. The total investment for the East Anglia hub is expected to reach GBP10 billion by 2026. Iberdrola's investment strategy aims to support the UK's energy policies and growth in power demand. The company is also integrating the distribution network company ENW, which it acquired for GBP2.1 billion.