Iberdrola SA’s United States subsidiary stated Wednesday it plans to speculate $20 billion within the nation’s energy grid infrastructure till the top of the last decade.
That will be spent on grid modernization and growth. “The funding plan might additionally embrace alternatives for brand spanking new technology”, Avangrid Inc. stated in a web based assertion.
The funding “comes at a time when U.S. power demand is surging on account of manufacturing and information heart development”, it stated.
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Knowledge heart load development within the U.S. tripled over the previous decade and is projected to double or triple by 2028, when information facilities would account for about 6.7-12 % of U.S. energy consumption, based on a report by the Vitality Division’s Lawrence Berkeley Nationwide Laboratory December 20, 2024.
Knowledge heart energy utilization grew from 58 terawatt hours (tWh) in 2014 to 176 tWh in 2023. The sector’s energy consumption is projected to surge to between 325 and 580 tWh by 2028, based on the report.
Avangrid introduced the funding at CERAWeek in Houston, Texas. On the power convention Iberdrola govt chair Ignacio Galán and Avangrid chief govt Pedro Azagra met with key U.S. policymakers together with Vitality Secretary Chris Wright and Inside Secretary Doug Bergum, who can be chair of the White Home Nationwide Vitality Dominance Council.
“They mentioned how rising power demand requires a essential have to spend money on power infrastructure, and that the U.S. is a high funding vacation spot as Avangrid and Iberdrola modernize and broaden the nation’s electrical grid”, Avangrid stated.
It stated it has about $50 billion value of belongings throughout 23 states within the U.S., the place it employs over 8,000 individuals. Avangrid provides over 3.3 million electrical energy and fuel shoppers within the Northeast. It additionally has about 10.5 gigawatts of technology capability, sufficient to energy greater than three million properties, based on the corporate.
Avangrid lately gained two offshore wind lease areas within the Gulf of Maine. OCS-A 0564 spans 98,565 acres whereas OCS-A 0568 covers 124,897 acres, Avangrid stated in a press launch October 29, 2024.
“Avangrid will work to develop the lease areas, with the potential to ship 3 Gigawatts of unpolluted energy, to assist meet the power wants of the New England area and advance america 30 GW offshore wind goal”, it stated.
“Not together with the lease space secured at present, Avangrid has a projected offshore wind pipeline of over 5 GW on the East Coast of america – sufficient to energy greater than two million households”, Avangrid stated.
Nevertheless, upon taking workplace for his second non-consecutive time period as U.S. president, Donald Trump ordered a assessment of wind challenge approvals and indefinitely paused wind leasing within the U.S. Outer Continental Shelf.
Authorities “shall not concern new or renewed approvals, rights of method, permits, leases, or loans for onshore or offshore wind initiatives pending the completion of a complete evaluation and assessment of Federal wind leasing and allowing practices”, stated a presidential memorandum January 20, 2025.
Late final yr Spanish electrical utility Iberdrola took full possession of Avangrid by buying the 18.4 % shareholding it didn’t already personal. Avangrid delisted from the New York Inventory Change and now operates as a personal firm, its headquarters nonetheless in Connecticut.
“The merger will enable Iberdrola to spend money on america extra effectively”, Iberdrola stated December 23, 2024. “The subsidiary will be capable to take part extra economically in new power infrastructure initiatives in its grid and renewable companies, representing a major funding in native communities and producing a whole bunch of direct and oblique jobs.
“These initiatives will create a extra strong, resilient and dependable energy grid, and can assist meet the rising demand from utilities and information facilities”.
To contact the creator, e-mail jov.onsat@rigzone.com
