Iberdrola’s SP Energy Networks Acquires Derryherk to Boost UK Smart Grid and Support Net-Zero Goals

Iberdrola’s SP Energy Networks Acquires Derryherk to Boost UK Smart Grid and Support Net-Zero Goals

(IN BRIEF) Iberdrola’s subsidiary, SP Energy Networks, has acquired the tech company Derryherk to enhance the efficiency of the UK’s electricity distribution network. Derryherk’s digital twin technology will improve SPEN’s ability to detect faults, forecast capacity constraints, and actively manage the low voltage network, supporting its net-zero ambitions. This acquisition builds on previous partnerships and aligns with Iberdrola’s broader strategy of strengthening its presence in the UK energy market, including recent agreements to acquire a majority stake in Electricity North West. SPEN currently serves over 3.5 million homes and businesses across Scotland, Wales, and parts of England.

(PRESS RELEASE) BILBAO, 2-Oct-2024— /EuropaWire/ — Leading energy provider SP Energy Networks, part of Iberdrola, has completed the acquisition of Derryherk, a private technology company specializing in advanced digital twin modelling. This acquisition strengthens SPEN’s ability to enhance the UK’s electricity distribution network, advancing its capabilities in fault detection, capacity forecasting, and the management of low voltage networks.

This transaction is the latest in Iberdrola’s strategy to bolster its UK energy infrastructure, following its recent agreement to acquire an 88% stake in Electricity North West (ENW), positioning SP Energy Networks as the second-largest electricity network operator in the UK upon regulatory approval.

Derryherk’s technology, already implemented on SPEN’s network through a successful license partnership, enables improved data connectivity and proactive management, helping the company move closer to its net-zero ambitions. By integrating this cutting-edge solution, SP Energy Networks aims to develop a more efficient, smart grid that supports the UK’s clean energy transition.

Guy Jefferson, Chief Operating Officer of SP Energy Networks, emphasized the importance of modernizing the grid, stating, “The electricity network is critical to electrifying and decarbonizing the economy. This technology will move us another step forward in building a smart grid that powers cleaner, greener lives.”

Iberdrola, through its ScottishPower subsidiary, has committed £12 billion in investments between 2024 and 2028, continuing its long-standing commitment to the UK market. The company has already invested around £30 billion since its merger with ScottishPower in 2007, ensuring reliable electricity delivery to over 3.5 million homes and businesses in Scotland, Merseyside, Cheshire, North & Mid-Wales, and North Shropshire.

This acquisition aligns with Iberdrola’s broader strategy to expand and improve the UK’s electricity network, reinforcing its leadership in the transition to a sustainable, carbon-neutral energy system.

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SOURCE: Iberdrola