The chairman of energy supplier ScottishPower and its Spanish owner Iberdrola has called for more guidance from Government to avoid energy shortages in the next few years.
Ignacio Galan was the second Big Six energy suppliers to criticise the lack of clarity in British energy policy in the space of a few days. Scottish supplier SSE’s chief executive warned last week the Government is “significantly understimating” the scale of the challenge over the next three years to keep the lights on.
Addressing shareholders at Iberdrola’s Annual General Meeting in Bilbao on Friday, Mr Galan said: “Although the Energy Bill (Electricity Market Reform) currently going through Parliament is in the right direction, greater clarity of detail is needed if investment in new power stations is to be speeded up.”
He said that once a new framework for UK networks for the years 2015-2023 is approved, Iberdrola’s spending on transmission and distribution could “exceed £7billion”, taking into account both committed and planned investments.