Ofgem approves $53.8 billion investment for UK energy system

by Dec 9, 2020

The UK’s regulator for gas and electricity markets i.e. Ofgem has unveiled a spending package of $40.3 billion upfront funding for the utility network companies to deliver clean and reliable energy system. Ofgem is also making unprecedented additional funding available for future green energy projects, that companies propose over the next five years, aimed at eliminating emissions from the energy system and helping hit net-zero targets across the country. As per indications by some companies, $13.4 billion of such projects could be in the pipeline, such as reinforcement along the East Coast of England to anticipate 40 GW of offshore wind in the North Sea.
Ofgem’s $53.8 billion package will massively boosts clean energy investment and will help to ensure that UK’s network companies can deliver on the climate change ambitions laid out by the prime minister i.e. net zero emissions by 2050. Link to the news: https://www.tdworld.com/overhead-transmission/article/21149856/ofgem-approves-40-billionplus-investment-program-for-great-britain-energy-system