£300million unlocked for network upgrades to facilitate green technology
Ofgem is developing arrangements that can allow local electricity network companies to search out and invest in fresh opportunities that will drive a green recovery from the effects of the pandemic.
This is part of their ongoing ‘Green Recovery’ initiative, working with Britain’s energy networks which plans to kick start the green recovery by investing hundreds of millions by 2023.
The main message being sent out is to get going on transforming the energy infrastructure in the UK to become greener and fairer.
Opportunities for developers
If you are a local authority, developer or other party looking/requiring extra capacity on the network you have the opportunity to offer evidence on why extra capacity in your locality should be selected.
Ofgem plans for 2021
Ofgem are planning for 2021 to be the year they deliver a greener and fairer energy system, with a new Strategy which will help in meeting the Governments net zero targets.
Investment across Britain ramped up in 2020, including £80 million of projects on local electricity grids which started last year.
Ofgem has been working closely with the Energy Networks Association (ENA) and energy network companies on an ambitious ‘Green Recovery’ project that looks to getting investment quickly into the ground, ahead of the start of the new price control in 2023.
This initiative will help networks seize the opportunities raised by recent policy announcements. For example, network companies could start early on scoping out key roadway sites where they need to boost grid capacity; ready to hit the ground running as the Government’s electric vehicle motorway charging scheme fires up.
Let’s watch this space and see what happens with the race to meet net zero.
For more information please get in touch to see how Eclipse Power can assist with your upcoming project.