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Iberdrola raises €5bn to fund grid investments in US and UK

Iberdrola has completed a €5 billion (USD 5.8 billion) capital raise to support its electricity grid investments in the United States and the United Kingdom. The company issued 331 million new shares through an accelerated bookbuilding process, with the offering 3.8 times oversubscribed. Shares were priced at €15.15 each. This marks Spain’s largest accelerated bookbuild since Banco Santander’s €7.5 billion raise in 2015. The funds will support a €55 billion investment opportunity in regulated electricity…

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Ofgem approves £24bn plan to upgrade UK energy networks

Ofgem has cleared £24bn ($32bn) for upgrades to strengthen UK energy security and expand clean power. The investment is part of a broader £80bn plan to modernise the electricity grid and cut reliance on imported gas. £15bn will go to gas network safety. £8.9bn is for high-voltage electricity upgrades, with £1.3bn kept in reserve. Projects include 4400km of overhead line upgrades and 3500km of new circuits. Offshore investment will double compared to the last decade….

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China increases grid investment to support renewable energy surge

China is significantly increasing its grid investment to ensure efficient delivery of renewable energy to homes and businesses. According to the National Energy Administration, power transmission spending rose 19% to 529 billion yuan ($72 billion) in the first 11 months of 2023, marking a shift towards grid infrastructure, as reported by Bloomberg. Investment in new power capacity was larger at 866.5 billion yuan, showing a 12% increase. This marks the first time since 2018 that…