19 Dec 2024
Today we set out a £10.6bn plan to help rewire Britain and deliver the critical electricity infrastructure needed for decades to come. Our plan can be viewed here.
The Business Plan, titled "How we get there", covers the next price control period from 2026-31 and will deliver new and upgraded transmission infrastructure in Central and Southern Scotland, including 12 new major transmission substations, 450km of upgraded existing circuits, 87km of upgraded overhead lines and 35km of underground cables - all to help increase capacity on the GB transmission grid to meet demand.
The Plan also outlines a programme of investment to further increase network resilience, maintain existing assets and help connext up to 19GW of new clean, green power to the grid, as well as contributing to reduced constraint costs, leading to a £167 saving per household every year by 2030
We intend to double our transmission workforce with around 1,400 new directly employed jobs, and supporting another 11,000 more jobs across the UK.
In one of the largest construction pushes underway in the UK, we have already announced £5.4bn worth of supply chain contracts with 19 firms (17 of them UK and Irish).
This is a step change in transmission investment, over three times more than the £3.4bn of the RIIO-T2 plan.
Independent research by the Centre for Energy Policy at the University of Strathclyde has found that the Business Plan could contribute sustained economic benefit of £2bn each year to UK society.
"We have a chance to shape a cleaner, greener future for us all. Making this crucial investment now will drive a positive impact that will help to stabilise and lower consumer energy bills in the longer term.
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.
Government and industry have never been clearer on what needs to be achieved and now we need Ofgem to match that ambition with a price control that unlocks the capital required to finance the projects that will deliver clean power in the next decade." - Nicola Connelly, Chief Executive Officer, SP Energy Networks
Engagement has shaped our RIIO-T3 Business Plan every step of the way, and that continues now.
Please let us know your thoughts on any relevant areas of our plan you would like to comment on through the survey available here.
We will also be hosting a webinar on 21 January 2025 to discuss our plans further. Stay tuned for more information, and you can register to attend that now here.
