SP Energy Networks sets out £10.6bn plan to transform transmission network
Image courtesy SP Energy Networks
SP Energy Networks has set out a £10.6 billion ($13.5 billion) plan to help rewire Britain and deliver critical electricity infrastructure needed for the coming decades.
The Iberdrola-owned energy company in the UK has released its RIIO-T3 plan, dubbed ‘How we get there’, which covers the next price control period from 2026-31, laying out how the company plans to deliver new and upgraded transmission infrastructure in central and southern Scotland.
The plan includes 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.
The plan, a three-fold increase to the £3.4 billion ($4.3 billion) of their RIIO-T2 plan, also outlines a programme of investment to further increase network resilience, maintain existing assets, help connect up to 19GW of clean power to the grid and reduce constraint costs.
SP Energy Networks cites independent research by the Centre for Energy Policy at the University of Strathclyde, which they say has found that the plan could contribute sustained economic benefit of £2 billion ($2.5 billion) each year to the UK.
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Commenting in a release was Nicola Connelly, CEO of SP Energy Networks: “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.”
Also included in SP Energy Networks’ plan is a proposed £20 million ($25.4 million) Net Zero Fund to build on the success of its current £5 million ($6.3 million) fund.
Working with community organisations and charities, the fund will deliver financing to enable local decarbonisation initiatives, as well as providing support and guidance to help communities prepare for and deliver their own net zero plans and projects.
