Ofgem Approves £24bn Investment Into UK Energy Networks

UK’s £24bn energy grid upgrade

Britain’s Energy System is changing, and it’s happening quite expensively so. In what is being called the biggest grid overhaul since the 1960s, the UK is preparing to spend £24 billion on rewiring its own energy networks. It’s going to include new lines, faster circuits, and upgrade the transformers that are all built in to handle the surge of clean power that’s coming. This will stop the… Source

Ofgem Unveils £24 Billion Grid Modernization Plan

The UK’s energy regulator has approved a £24bn investment to upgrade the UK’s energy infrastructure as a part of its green transition. The Office of Gas and Electricity Markets (Ofgem) move comes as the government renews its push for cleaner energy, despite backlash around the impact on prices. Over £15bn is set to be deployed into the UK’s gas transmissions and distribution systems to ensure a “safe and secure” supply of gas to households and b…

Energy bills to rise after Ofgem approves £24bn investment

Energy bills are set to surge. Here’s why

Huge chunk of energy bills set to rise despite Ofgem price cap decrease

Despite the easing of the price cap, Ofgem will allow network charges, which make up 22% of the average bill, to rise. This will send bills soaring by an average of £24.

Energy bills: Network charges set to rise as price cap eases

So-called network charges currently make up 22% of a typical household bill and are set to go up from April next year, placing more upwards pressure on family finances unless wholesale costs were to fall back very sharply.