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Ofgem approves £28bn grid upgrade, with monthly bills forecast to increase by £3 by 2031
Ofgem’s £28 billion investment will raise annual network charges by £108 by 2031, with net bill increases around £30 after expected savings, to upgrade UK gas and electricity networks.
- Ofgem, Britain's energy regulator, announced a £28bn investment plan over the next five years to bolster the country's transition to renewable energy sources.
- The investment is expected to add £108 to household energy bills by 2031, but Ofgem estimates the net increase will be around £30 per year due to increased efficiency and lower reliance on imported gas.
- The majority of the funding will go towards maintaining gas networks, with £10.3bn allocated to strengthen the electricity transmission network.
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Total News Sources35
Leaning Left7Leaning Right3Center15Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 28%
C 60%
12%
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