Home Business News National Grid proposes a £58 billion investment in renewable power projects

National Grid proposes a £58 billion investment in renewable power projects

by Thea Coates Finance Reporter
19th Mar 24 12:58 pm

National Grid are proposing to boost grid networks beyond 2030 in a £58 billion investment in renewable power projects due to expected growth in demand.

By 2035 the UK has a target to decarbonise the energy sector which mean more renewable power plants.

Over the past 70 years the National Grid’s Electricity System operator (ESO) has only carried out small upgrades.

The ESO report said, “The current electricity grid is reaching its capacity and is unable to transport much more electricity without reinforcing the network.”

David Sheldrake, Global SVP of Sales360, at POWWR said, “The National Grid ESO’s plan for a UK ‘electrical spine’ to connect renewable energy farms is a crucial step towards a sustainable future for all.

“Linking offshore wind power to the grid will boost renewable energy capacity, reduce our reliance on fossil fuels and, ultimately, help tackle the scourge of climate change.

“The move will also enhance energy security, diversify the energy mix and will improve grid resilience. It should even lead to job creation and economic growth follow, particularly in coastal regions.

“Overall, unveiling these plans should prove vital for realising the potential of renewable energy and advancing broader energy and environmental goals in the UK.”

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