Green light for £28bn network investment

Regulator Ofgem has given the go-ahead for £28bn to be spent on improving GB’s energy networks.

More than £10bn will be invested in strengthening the electricity transmission network to improve reliability and expand capacity. A further £17.8bn will go towards maintaining Britain’s gas networks.

Ofgem said the £28bn commitment will rise to an estimated £90bn by 2031 across both gas and electricity networks.

In total the investment means £108 will be added to individual bills by 2031 but Ofgem said that it will also deliver significant savings of around £80 compared to not expanding the grid.

Jonathan Brearley, Ofgem CEO, said: “The investment will support the transition to new forms of energy and support new industrial customers to help drive economic growth and insulate us from volatile gas prices.

“Ofgem will hold network companies accountable for delivering on time and on budget, and we make no apologies for the efficiency challenge we're setting as the industry scales up investment.”