The annual domestic energy bills after Britain’s Energy Watchdog are scheduled to increase more than £ 100, OFMEM has approved the initial £ 24 billion investment to upgrade the UK’s energy infrastructure.
Was made as announcement Energy price cap fell 7 percent on Tuesday,
Drafting of OFGEM on price control for more than £ 15 billion energy network firms for gas transmission and distribution network in 2031 in five years.
Another £ 8.9 billion is placed for the country’s high-voltage power network, which will strengthen the largest grid expansion since the regulatory state since the 1960s, also set on one side with an additional £ 1.3 billion.
The purpose of this funding is to facilitate the completion of 80 major energy infrastructure projects by 2030.
This step aligns with the government’s push to increase the UK’s renewable sector, which is an important step towards increasing national energy security.
But Offam revealed that the houses have been determined to see an increase in bills by £ 104 by 2031 to cover the cost of additional investment.
The regulator stated that it would include £ 30 for the gas network and £ 74 for the power grid.
It said that the bills would be even more – about 30 pounds more – without investment.
Funding will “allow the UK to” use our clean renewable energy better, so we will not have to pay for expensive gas plants to serve the demand “, said Offum.
OFGEM Chief Executive Jonathan Borially stated that the major investment in the energy network is “important to ensure that the system has more flexibility against shocks from volatile gas prices that we do not control”.
He said: “There is no option to do nothing and consumers will have to spend more – this is an important national infrastructure.
“The sooner we build the network we need and invest to strengthen our flexibility, the cost for the billpier will be in the low future.
“However, this cannot be done at any cost, which is why we have made in cost controls and have interacted a proper deal for both investors and consumers.
“And we will not hesitate to intervene if network companies do not distribute time and budget.”
