ScottishPower has unveiled more than £5bn worth of contract opportunities as it ramps up its next phase of electricity network investment.
The £5.4bn boost for the supply chain by its SP Energy Networks business is the company’s biggest issued contract opportunity ever and will see major investment in green energy infrastructure and jobs which will bolster the grid for decades to come said the company.
With electricity demand forecast to double in the next 10 years, the International Energy Agency says the UK needs more than 600,000km of new or upgraded electricity lines to meet its needs.
ScottishPower said it is at the forefront of unlocking green growth and now has billions of pounds in contracts on offer for the supply chain to support its electricity network ambitions and a net zero future.
“We’re kickstarting the largest overhaul of the grid since its inception,” said ScottishPower chief executive Keith Anderson.
“Our investment plans will 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.
“It is vital we get serious about getting on with the job of consenting and getting this new grid built so that we can take advantage of clean green renewables, transport it around the country and lock in our energy security and maintain the UK’s track record in leading on decarbonisation”
ScottishPower’s grid business, SP Energy Networks, is now encouraging companies with the skills and experience to bid for contracts to design, develop and upgrade new and existing strategic transmission infrastructure.
This will include new high voltage substations, overhead line construction as well as design, engineering, construction, and electrical works.
“This is one of the most significant infrastructure roll outs to upgrade the grid to support the electricification of the wider economy, said SP Energy Networks chief executive Vicky Kelsall.
“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.”
The £5.4bn worth of contracts will cover the next 10 years and includes transmission projects across central and southern Scotland. It will help move more green energy across the country to help deliver a low carbon future, connecting 80GW-85GW of clean renewable energy to the British transmission system and reduce the UK’s reliance on fossil fuels.
In November, London announced plans to halve the time it takes to build high voltage power lines and cut the time it takes to connect to the grid. Its package of measures aims to support economic growth and cement the UK as one of the best countries in the world to invest in renewables.