Ofgem decision Accelerated Strategic TO Investment

RNS Number : 7657J

National Grid PLC

15 December 2022

 

15 December 2022

Ofgem's decision on accelerated onshore electricity transmission investment published

Ofgem has today published its decision on accelerated onshore electricity transmission investment, confirming that National Grid Electricity Transmission (NGET) will be responsible for the delivery of 17 major onshore electricity transmission projects.

We welcome the clarity and commitment that this decision gives NGET, and the wider industry, as the next step towards a more affordable, resilient and clean energy system. Whilst this investment is fundamental to the successful delivery of the decarbonisation of our electricity system, it will also bring greater security of supply, as well as improved affordability for customers in the long run.

However, as Ofgem highlights, urgent reform is still required across a number of areas. The planning system needs streamlining to allow for the delivery of this critical national infrastructure in a timely fashion; the setting of allowances needs to enable a programmatic approach; and communities must see clear long-term economic benefit to hosting infrastructure for the UK to achieve its net zero ambition.

We will continue to work alongside Government and Ofgem to progress these critical projects, as we look towards agreeing a regulatory and financial framework that can enable the delivery of this infrastructure in future years. 

Enquiries and contacts

Investors and Analyst:

Nick Ashworth   [phone]

Angela Broad     [phone]

James Flanagan     [phone]

Jonathan Clay   [phone]

Media:

Molly Neal  [phone]

Ben Davis     [phone]

 

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