UK energy networks given 20% more to spend on net zero goal

UK energy grids will have 30 billion pounds ($40 billion) to spend on ensuring the nation’s pipes and wires are able to cope with meeting the nation’s net zero emissions target by 2050.

The upfront funding is for service, maintenance, upgrades and repairs on gas and power grids for the next five years, and is 20% higher than initially proposed by energy regulator Ofgem. A further 10 billion pounds is being considered for future green projects including reinforcing the grid to connect offshore wind farms.

Prime Minister Boris Johnson has set bold climate targets that will transform the energy industry. The networks have to find a way to accommodate electric vehicles, heat pumps and batteries for a low-carbon economy and to attract the necessary investment.