Spanish energy company Iberdrola has unveiled plans to increase its investments through 2022 and will spend a total of €34bn over the 2018-2022 period, of which 86% will be in regulated or long-term contracted activities: €16bn (47%) will be dedicated to power networks and €13.3bn (39%) for the development of renewable energy assets. Power generation and supply business units will be awarded €3.8bn (i.e. 11%). As a result, Iberdrola's installed capacity will increase by 29% by 2022.
As for Spain only, Iberdrola's total investments over the 2018-2022 period will reach €8bn, of which some €4.2bn will be in renewables. Iberdola plans to triple its wind and solar capacity in the country, with at least 10,000 MW in operation by 2030.
Iberdrola will install 10,113 MW of new power generation capacity globally by 2022, including 6,606 MW (65.3%) of renewable energy projects. More specifically, this amount will entail 4.1 GW of wind, 1.9 GW of hydropower and 0.6 GW of solar PV. The remaining capacity will include in particular 3.5 GW of CCGT projects.
The company also plans to commission 20 GWh of electricity storage capacity by 2022, up from the current 70 GWh. A significant portion of it will be storage through pumped hydro technology and its development is meant to ensure the greater penetration of renewable energies in the power system.