Shopping cart
Your cart empty!
Energy grid £28bn upgrade to increase household bills
The energy regulator has confirmed plans for a massive upgrade to the UK's energy grids, adding £108 to customer bills by 2031.
Ofgem said on Thursday that the £28bn investment over the next five years would bolster resilience in the transition to a renewable energy future and that much of the bill would be offset by increased efficiency. It pointed to estimated savings for households of around £80 because of the planned investment in gas and power infrastructure, leaving a net additional contribution of £28.
Money latest: Is property still a good investment? Ofgem said the £28bn sum formed part of an estimated £90bn to be invested in the energy networks by 2031, with "adaptive" funding arrangements helping to shield customers from volatility in the market. Most of the funding announced on Thursday will go towards maintaining gas networks, which will remain a key source of energy as green power capacity is built up further.
"Investing now to maintain world-class resilience and expand grid capacity is the most cost-effective way to harness clean power, support economic growth and protect the country from gas price shocks like the one seen in 2022.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
Related to this topic:
AI and Marketing: Unlocking Customer Insights
Feb 22, 2024
