National Grid plans to invest around £60bn in networks, with over £30bn earmarked for UK infrastructure expansion and upgrades.
This investment will support an additional 60,000 jobs in the UK by the end of the decade.
John Pettigrew, National Grid’s chief executive, said: “Today is a defining moment for National Grid as we announce a significant increase in investment that cements our position as a leader in the energy transition on both sides of the Atlantic.
“This is an unprecedented time for our industry that is creating significant opportunities for National Grid today, over the next five years and for decades to come.”
Five year investment plan to create £100bn asset
UK regulated business
- £23bn into the UK Electricity Transmission business – 250% increase in capital investment over prior 5-year period. This includes continued funding for our 17 Accelerated Strategic Transmission Investment (“ASTI”) projects;
- £8bn in UK Electricity Distribution, – 30% increase in capital investment over prior 5-year period, as we continue to deliver the remaining four years of our RIIO-ED2 price control and invest to create the smart distribution network to enable the accelerated adoption of low carbon technologies, such as electric vehicles and heat pumps, by our customers;This investment will help grow the UK regulated asset base to over £50bn by 2029
US regulated businesses
- Spend around £28bn across New York and New England (£17bn in New York and £11bn in New England) – a 60% increase in capital investment
- With this we expect our combined US rate base to grow from approximately £25 billion today, to nearly £45bn in 2029
- Committed investment of around £1bn in National Grid Ventures (NGV) business
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