UK Energy Regulator Confirms Potential GBP1 Billion Network
Jan 19, 2010 - Selina Williams - Dow Jones Newswires
energy regulator Ofgem Tuesday confirmed a potential GBP1 billion additional investment
in Britain's high-voltage electricity networks to aid the connection of new renewable
generation as part of the country's targets to cut emissions.
As part of
the GBP1 billion investment plan, which has been brought forward to the current
period of regulatory price control ending in March 2012, Ofgem has now authorized
GBP319 million of investment in network upgrades from April 2010.
said it will continue to assess the transmission companies' requests for funding
for the remaining GBP764 million of the GBP1 billion package.
proposals will enable vital new generation, much of it renewable, to be connected
to the grid," said Ofgem's acting senior partner for transmission and governance
"Ofgem has been working with industry to overcome delays to
critical investments and today's funding proposals mark a significant step towards
facilitating the government's 2020 carbon emission reductions target," Cook said.
The GBP1 billion package is in addition to the GBP3.8 billion investment
Ofgem approved for the three electricity transmission companies to spend on network
upgrades in their current price control.
The three electricity transmission
companies are National Grid Electricity Transmission Ltd., SP Transmission Ltd.
and Scottish Hydro-Electric Transmission Ltd. They are subject to controls on
their revenue which are reviewed every five years.
Web site: http://www.ofgem.gov.uk
-By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@