The company says it has closed coal and sold gas and built enough wind to power 1.2 million homes
ScottishPower is set to become the first UK energy company to switch completely to wind power after selling its traditional generation business to a subsidiary of Drax Group for £702m.
At the same time, the company also announced it is investing £5.2bn through to 2022, with a focus on, renewable energy, enhanced grid networks and smart technology for customers.
Over the last decade, ScottishPower has shut down all of its coal plants, and with the sale of the remaining gas and hydro stations, the company now generates 100 per cent of its electricity from wind power.
Currently, it has 2,700 megawatts (MW) of wind power capacity operating or under construction in the UK, and a pipeline of future projects capable of generating more than 3,000 MW.
“This is a pivotal shift for ScottishPower as we realise a long-term ambition. We are leaving carbon generation behind for a renewable future powered by cheaper green energy. We have closed coal, sold gas and built enough wind to power 1.2 million homes,” said Keith Anderson, chief executive of ScottishPower.
“Every working day we are investing over £4m to deliver cleaner, smarter power for customers. From today we can focus solely on making energy generation cheaper, cutting carbon quicker, building smart grids and connecting customers to renewable electric future for transportation and heating.”
In offshore wind alone in the UK, ScottishPower has a pipeline of 2,900 MW beyond the 714 MW under construction at East Anglia One. The company said it is closely following the proposals by the Crown Estate and Crown Estate Scotland, with ambitions to secure additional development areas in the next round of offshore wind leases throughout the UK.
"We are leaving carbon generation behind for a renewable future powered by cheaper green energy"
The sale forms part of parent company Iberdrola’s €3bn global asset rotation plan, which was announced earlier this year as part of the company’s strategic outlook, setting out core business objectives to 2022.
The rotation of assets is designed to complement its growth plans and support a commitment to carbon reduction. Globally, Iberdrola aims to reduce emissions by 30 per cent by 2020, and 50 per cent by 2030 compared to 2007 and be carbon neutral by 2050.
“Energy companies must be part of the solution to climate change,” added Ignacio Galán, chairman and chief executive, Iberdrola.
“Iberdrola is acting now to cut carbon emissions 30 per cent by 2020 and be carbon neutral by 2050. The sale of these generation assets is consistent with our strategy.”
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