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Ofgem submission covers 2026-31
SP Energy Networks has launched a £10.6bn plan to upgrade and transform Britains transmission network.
The RIIO-T3 plan submitted to Ofgem covers the next price control period from 2026-31, and calls for new and upgraded transmission infrastructure in southern Scotland, including 12 new transmission substations, 450km of upgraded existing circuits, 87km of upgraded overhead lines and 35km of underground cables.
The investments are aimed at helping to increase capacity on Great Britains transmission grid.
SP Energy Networks has also called for investments in network resilience and the maintenance of existing assets to connect some 19GW of new renewable energy to the grid.
The investments, alongside reduced constraint costs will lead to a £167 saving per household by 2030, according to SP Energy Networks.
The new plan is more than three times larger than the £3.4bn in the RIIO-T2 plan.
Nicola Connelly, CEO of SP Energy Networks, said: “If UK wants to deliver on its ambition to be a clean energy superpower and capitalise on its natural resources, then it needs the electricity grid to match demand.
“Our business plan has been developed to deliver that at pace, combining unprecedented levels of investment with a focus on ensuring fair returns for consumers and investors", she said.
The plan also calls for the creation of a £20m Net Zero Fund to build on the success of the current £5m fund.
Working with community organisations and charities, the fund will deliver vital monies to enable local decarbonisation initiatives, as well as providing support and guidance to help communities prepare for and deliver their own net zero plans and projects, SP Energy Networks said. |
