Proactive Investors - National Grid’s Electricity Systems Operator (ESO) has put a £58 billion price tag on network upgrades to reach the government’s 2035 decarbonisation targets.
In its recommendations, the ESO touted the use of nuclear power plants Sizewell C and Hinkley Point, as well as the connection of an extra 21GW of offshore wind, plus more underground cables and pylon infrastructure.
“The current electricity grid is reaching its capacity and is unable to transport much more electricity without reinforcing the network,” the ESO’s Beyond 2030 report said.
National Grid (LON:NG) said that 20,000 jobs would be created under its ‘Beyond 2030’ proposals, with 90% of these jobs falling outside of London and the southeast.
"The proposals set out by the ESO capture the necessary level of ambition to get the UK on track for economic growth, job creation, and a more cost-efficient energy system which best uses new technologies and demand from today's customers,” commented Energy UK’s chief executive, Emma Pinchbeck.
"Everyone in energy is working at an accelerated pace to ensure the lowest cost electricity generation is connected to new and existing types of demand across the country, and that this is done in the fairest way possible to all customers.
"It is critical that the plan considers local needs, and that industry and Government minimise the amount and impact of energy infrastructure, but we also know that the future energy system will vastly improve the way we power our homes and businesses in this country.
Industry stakeholders and Ofgem are reviewing National Grid’s investment proposals.