National Grid submits plans to invest up to £35bn in network
By Frank Prenesti
Date: Wednesday 18 Dec 2024
(Sharecast News) - National Grid on Wednesday submitted plans to invest up to £35bn in Britain's electricity network over a five year period from April 2026.
The plan includes £11bn to maintain and upgrade existing networks, alongside construction works for the first three of its accelerated strategic transmission investment (ASTI) projects. A further £24bn has been allocated to future projects, including around £15bn to increase network capacity.
The company, which is responsible for maintaining the high-voltage electric power transmission network In England, Wales and Scotland, said the plan would help develop and deliver major network reinforcement and expansion projects and the upgrade of around 3,500km of existing overhead lines "nearly doubling the amount of power we can transfer around the country".
National Grid chief executive John Pettigrew said: "This plan represents the most significant step forward in the electricity network that we've seen in a generation."
"Through it we will nearly double the amount of energy that can be transported around the country, support the electrification of the industries of today and tomorrow; create new jobs; and support inward investment for the UK.
"It is an ambitious plan, set to future proof the network with strategic capacity and flexibility for the longer term. We've laid the foundations for its delivery through the steps we've already taken to progress ASTI projects, secure the supply chain, and fund the wider group. We have done this whilst keeping a relentless focus on consumer bills and affordability."
Reporting by Frank Prenesti for Sharecast.com
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