National Grid plans to nearly double the amount of energy it can transport across the country via an unprecedented £35bn investment over the next five years into its electricity transmission business.
The grid operator on Wednesday said its business plan, which covers the period April 2026 to March 2031, would be the “most significant step forward in the UK’s transmission network for 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,” John Pettigrew, chief executive, said in a statement.
National Grid said the proposals would support 55,000 more jobs by 2030, deliver a 50 per cent reduction in emissions and help consumers avoid around £12bn in costs across the period.
The £35bn will be used for wide-ranging upgrades to the existing grid network to increase capacity, alongside construction of 17 new renewable energy projects under Ofgem’s Accelerated Strategic Investment (ASTI) scheme.
The operator currently oversees a network of 22,000 pylons, 7,000km of overhead line and 300 substations in the UK.
“It is an ambitious plan, set to future proof the network with strategic capacity and flexibility for the longer term,” Pettigrew said.
“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 comes after National Grid completed a £7bn equity raise earlier this year, using the fresh capital to help fund a £60bn five-year investment across the group to March 2029.
Profit rose by more than a quarter in its half-year results in November.