United Kingdom: National Grid will invest 35 billion to modernize the electricity network
The British energy company National Grid announced on Wednesday December 18 an “unprecedented” investment of 35 billion pounds by 2031, which should make it possible to double its electricity transmission capacity in order to contribute to the government’s environmental objectives.
>> United Kingdom: GDP increases by 0.6% in the second quarter
>> United Kingdom: energy bills start to rise again in October
>> UK officially joins Asia-Pacific trade bloc CPTPP
“This plan represents the most significant advance for the electricity grid that we have seen in a generation. With it, we will almost double the amount of energy that can be transported in the country,” said John Pettigrew, general manager of the company.
| Privatized in 1990, National Grid is responsible for transporting electricity in England and Wales. |
| Photo : AFP/VNA/CVN |
The project is designed to adapt to the ambitions of the British government, which has committed to having completely carbon-free electricity in 2030, to reduce its greenhouse gas emissions by at least 81% by 2035 compared to to 1990, and to become carbon neutral in 2050.
The Labor government launched a major green energy plan in July, which should lead to the creation of a new public company, Great British Energy. Endowed with 8.3 billion pounds of public money over five years, it will be responsible for investing in floating wind turbines, tidal and even nuclear energy.
Privatized in 1990, National Grid is responsible for transporting electricity in England and Wales.
This activity is entrusted in Scotland to the companies SSE, which last week announced 22 billion investments by 2031, and Scottish Power Transmission, which plans to invest 10.6 billion.
“It is clear that the UK grid needs to be modernized and this statement of intent from National Grid is a good step forward,” says Russ Mould, investment director at AJ Bell.
“Whether it is the construction of new housing, electricity-intensive data centers, everything related to artificial intelligence, or supporting the transition of industries to an electric world, the demand for electricity is increasing day by day”, he notes.
AFP/VNA/CVN
