Executive Chairman Ignacio Galán and ScottishPower CEO Keith Anderson joined UK Prime Minister Rt Hon Keir Starmer MP and European Commission President Ursula von der Leyen at the International Energy Agency’s Future of Energy Security Summit, hosted by the UK Government in London yesterday.

The landmark summit, jointly sponsored by Iberdrola and ScottishPower, convened government and industry leaders from over 60 countries to advance action to map and shape the future of energy security. 

Co-hosted by Rt Hon Ed Miliband MP, Secretary of State for Energy Security and Net Zero, United Kingdom and Dr Fatih Birol, IEA Executive Director, the Summit focused on progressing the development of a new draft framework for energy security to address the challenges the world faces. 

Speaking in the opening Plenary Session, Mr Galán said that the continued focus on electrification was critical to delivering energy security globally. Iberdrola, as one of the two largest electricity utilities in the world and the largest in Europe, will continue to play its part in supporting governments to deliver on that for their people.

He said: “My message is very clear: electrification is unstoppable, and electrification means energy security.  With global electricity demand set to double by 2050, investment in networks, both transmission and distribution, generation and storage is more urgent than ever. 

“To achieve a clean, secure and competitive energy source, countries require strong energy policies, attractive returns, faster permitting processes and the rationalization of energy taxation. Creating these conditions will be key to attracting investment and reducing volatility and dependence.”

Iberdrola, through ScottishPower, has invested £30bn in the UK over the last 15 years and will invest £24 billion up to 2028, mainly in transmission and distribution networks and offshore wind. 

Its ongoing commitment to delivering clean energy and energy security has seen it dedicate around 70% of its investments to power networks to accelerate electrification as a way to increase energy security and competitiveness, create new industries and jobs, and improve sustainability. Around two thirds of Iberdrola’s global investments are allocated to the UK and to the US and includes huge infrastructure projects like Eastern Green Link 1 to support the rewiring of Britain.