The National Grid has announced a £22billion investment plan for the next five years, along with a rights issue to raise £3.2 billion.
Capital raised through the rights issue will be divided between linking new offshore wind farms and nuclear power plants to the grid, updating of wiring in London and Birmingham and the development of new gas interconectors.
The infrastructure investment will raise bills for domestic and business electricity customers, although the National Grid is quick to claim that it will transform the system into one capable of operating in a new decarbonised energy future – therefore representing value for money.
The National Grid also aims to maintain discussions with Ofgem about the electricity regulatory system in the UK and will continue to work with the regulator on Project Discovery, which is exploring how much the current energy market can support climate change targets while keeping household and business electricity prices affordable.
Read the full story at Energy Efficiency News.
Picture credit – CCA: Electricity Pylon by hydroxi