REG - National Grid PLC - Ofgem decision Accelerated Strategic TO Investment

National GridAnnouncement

15/12/2022 07:30

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RNS Number : 7657J  National Grid PLC  15 December 2022

15 December 2022

 

Ofgem's decision on accelerated onshore electricity transmission investment
published

 

Ofgem has today published its decision on accelerated onshore electricity
transmission investment, confirming that National Grid Electricity
Transmission (NGET) will be responsible for the delivery of 17 major onshore
electricity transmission projects.

 

We welcome the clarity and commitment that this decision gives NGET, and the
wider industry, as the next step towards a more affordable, resilient and
clean energy system. Whilst this investment is fundamental to the successful
delivery of the decarbonisation of our electricity system, it will also bring
greater security of supply, as well as improved affordability for customers in
the long run.

 

However, as Ofgem highlights, urgent reform is still required across a number
of areas. The planning system needs streamlining to allow for the delivery of
this critical national infrastructure in a timely fashion; the setting of
allowances needs to enable a programmatic approach; and communities must see
clear long-term economic benefit to hosting infrastructure for the UK to
achieve its net zero ambition.

 

We will continue to work alongside Government and Ofgem to progress these
critical projects, as we look towards agreeing a regulatory and financial
framework that can enable the delivery of this infrastructure in future
years.

 

 

Enquiries and contacts

 

Investors and Analyst:

 

Nick Ashworth
                                   +44 (0)
7814 355 590

Angela Broad
            +44 (0) 7825 351 918

James Flanagan
+44 (0) 7970 778 952

Jonathan Clay
                                    +44 (0)
7899 928 247

 

Media:

 

Molly
Neal
+44 (0) 7583 102 727

Ben Davis
                        +44 (0) 7971 539 999

 

 

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