National Wealth Fund in £600m backing for grid upgrades

The National Wealth Fund has pledged a £600m commitment to support work to upgrade the power grid.

The investment forms part of a £1.35bn financing package secured for delivery of priority transmission grid upgrade projects

The fund said the projects will help to facilitate more renewable energy onto the system, reduce congestion costs, lower the cost of electricity for businesses and consumers, and unlock growth across the UK.

The investment will support ScottishPower’s development of the Eastern Green Link (EGL) projects 1 and 4 which will act as bridge between Scotland and England.

Chancellor of the Exchequer, Rachel Reeves, said: “Upgrading our energy infrastructure is good news for businesses, households, and the economy. It will bring down bills, put more money in working people’s pockets and enable businesses to expand.”