This positive milestone for the energy industry recognises the scale of transmission network investment required to connect low carbon generation and enable the Net Zero transition. Investment in electricity networks must be delivered at unprecedented pace, and SP Energy Networks strongly support the ambition to create more agile regulatory mechanisms and speed up regulatory approvals for strategic infrastructure.
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Ofgem has also proposed a new incentive mechanism aimed at supporting the ambitious target dates set by the Electricity System Operator to achieve Great Britain's 2030 Net Zero targets. SP Energy Networks supports clear and fair incentives for timely delivery, where these recognise the current economic climate impacting global supply chains and also take into account issues that Transmission owners cannot control, such as changes required to the existing planning frameworks across GB to support timely delivery of Net Zero investment.
Vicky Kelsall, CEO SP Energy Networks said: "An agile and effective regulatory framework is critical to connecting offshore and onshore renewable generation, ensuring that green electricity can be delivered safely and efficiency across the UK, unlocking the benefits of reducing carbon emissions and system balancing costs. We therefore stand ready to work with Ofgem and our stakeholders to deliver critical Net Zero investment, and to create new jobs that investment supports, through a more streamlined regulatory process."
