National Grid invests billions for cleaner future

By Finance News On Dec 26, 2024

National Grid has unveiled its RIIO-T3 business plan for Electricity Transmission, outlining up to £35 billion of investment from 2026 to 2031.

The plan focuses on upgrading infrastructure to meet the UK’s clean energy goals and expanding grid capacity.

The baseline £11 billion investment will maintain existing networks and start constructing three approved Accelerated Strategic Transmission Investment (ASTI) projects.

A further £24 billion is earmarked for expanding capacity, including 14 confirmed ASTI projects and potential initiatives aligned with government priorities.

Key goals include connecting 35GW of new energy generation and storage, enabling 19GVA of large-scale demand projects like data centres and preparing for 26GW of future connections.

These upgrades aim to save £12 billion in system constraint costs and support 55,000 new UK jobs by 2030.

The plan also targets a 50% reduction in the company’s emissions by 2031 compared to a 2018/19 baseline. Investments are designed to adapt to the UK’s evolving clean power ambitions, ensuring flexibility for future reforms.

CEO John Pettigrew said: “This plan represents the most significant step forward in the electricity network that we’ve seen in a generation. Through it we will nearly double the amount of energy that can be transported around the country, support the electrification of the industries of today and tomorrow; create new jobs; and support inward investment for the UK.”