Energy firm ScottishPower has today reached agreement with energy regulator Ofgem for a £2.6bn investment in the Scottish electricity grid over an eight-year period between 2013 and 2021.
The spending programme will create grid connections to 11GW of onshore and offshore wind capacity in Scotland and increase export capacity to England from 3.3GW to 7GW. Engineers will also be replacing about 800km of overhead line and upgrading over 15% of the existing substations as part of the spending programme.
Ofgem has agreed a 4.5% rate of return to ScottishPower on its investment, with up to 1,500 jobs being created as a result of the spending programme.
ScottishPower’s investment plan has been fast-tracked by Ofgem to help meet with renewable energy targets.