The RIIO-T3 Business Plan, submitted to Ofgem, outlines a major construction programme that will involve building 12 new substations, upgrading 450km of existing circuits, and installing 122km of new cables.
The investment aims to increase grid capacity, improve network resilience, and facilitate the integration of up to 19GW of renewable energy.
The project is expected to create around 1,400 new direct jobs and support an additional 11,000 roles across the UK supply chain.
Independent research suggests that the plan could deliver sustained economic benefits of £2 billion per year to the UK economy.
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Nicola Connelly, CEO of SP Energy Networks, said: "We have a chance to shape a cleaner, greener future for us all. Making this crucial investment now will drive a positive impact that will help to stabilise and lower consumer energy bills in the longer term.
"If UK wants to deliver on its ambition to be a clean energy superpower and capitalise on its natural resources, then it needs the electricity grid to match demand.
"Our Business Plan has been developed to deliver that at pace, combining unprecedented levels of investment with a focus on ensuring fair returns for consumers and investors.
"Government and industry have never been clearer on what needs to be achieved and now we need Ofgem to match that ambition with a price control that unlocks the capital required to finance the projects that will deliver clean power in the next decade."
Also included in SP Energy Networks' Business Plan is a proposed £20m Net Zero Fund to build on the success of its current £5m fund. Working with community organisations and charities, the fund will deliver vital monies to enable local decarbonisation initiatives, as well as providing support and guidance to help communities prepare for and deliver their own net zero plans and projects.
