Image courtesy National Grid
UK utility National Grid has published its RIIO-T3 business plan for its National Grid Electricity Transmission (NGET) business, earmarking up to £35 billion ($44.3 billion) over the next five years to March 2031.
The £35 billion includes a baseline investment of over £11 billion ($13.9 billion) to maintain and upgrade the company’s existing networks, alongside construction works for the first three of their Accelerated Strategic Transmission Investment (ASTI) projects where project assessments have been approved.
It also includes a pipeline investment of around £24 billion ($30.4 billion), which includes around £15 billion ($19 billion) to increase network capacity, most of which relates to the 14 further confirmed ASTI projects.
Key within their plans are the development and delivery of major network reinforcement and expansion projects, including the 17 ASTI projects and the upgrade of approximately 3,500km of the existing overhead lines, nearly doubling the amount of power the company can transfer around the country.
The company also intends to deploy innovative technologies such as power control devices and dynamic line ratings to maximise the capacity of their existing infrastructure, connect 35GW of new generation and storage, and 19GVA of large demand customers, such as data centres and gigafactories, as well as creating a further 26GW of future connection options.
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According to National Grid in a release, optionality in the plan means it can be adapted to the UK government’s clean power plan.
Commenting on the final business plan in a release, John Pettigrew, CEO of National Grid plc, said: “This plan represents the most significant step forward in the electricity network that we’ve seen in a generation.
“Through it we will nearly double the amount of energy that can be transported around the country, support the electrification of the industries of today and tomorrow; create new jobs; and support inward investment for the UK.
“It is an ambitious plan, set to future proof the network with strategic capacity and flexibility for the longer term. We’ve laid the foundations for its delivery through the steps we’ve already taken to progress ASTI projects, secure the supply chain, and fund the wider Group. We have done this whilst keeping a relentless focus on consumer bills and affordability.
“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.”
