LONDON: Ofgem unlocks £28 billion investment to maintain a safe, secure and resilient energy grid and to upgrade and expand capacity to meet growing demands.
Energy network companies have been given the green light for multi-billion-pound funding to strengthen the stability security and resilience of our energy networks.
This investment will upgrade power and gas grids, creating a future-ready system that better shields customers from volatile energy bills.
Most of the funding (£17.8bn) announced today will go towards maintaining Britain’s gas networks, keeping them among the safest, most secure and resilient in the world.
This essential investment ensures a safe and reliable energy system for years to come.
The remaining initial investment (£10.3bn) will strengthen our electricity transmission network, improve reliability and expand capacity to support the electrification of the economy and drive growth.
Together this £28bn commitment will rise to an estimated £90bn by 2031 across both gas and electricity networks.
For more information see the Ofgem press release and policy documents