National Grid outlines ‘unprecedented’ £35bn investment plans

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy National Grid has outlined “unprecedented” plans to invest £35 billion in its electricity-transmission business over the five years to March 2031. The FTSE 100-listed energy infrastructure group said the investment includes around £11 billion to maintain and upgrade existing networks and about £24 billion for pipeline investment, including £15 billion to increase network capacity. “It is an ambitious plan, set to future-proof the network with strategic capacity and flexibility for the longer term.” He added: “It is now critical that Ofgem plays its part in developing an investable framework that will allow us to deliver at the unprecedented scale and pace that is needed to meet the UK’s ambitious climate goals.” The £35 billion is not an announcement of new funds National Grid is hoping to raise; rather the figure is its planned spending for the upcoming five years pending Ofgem approval. The investment details come after National Grid sold the Electricity System Operator – which manages the UK’s electricity supply – back to the Government for £630 million in September.