By Paul Homewood
h/t Paul Kolk
This confirms what we learnt a few weeks ago:
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Bill payers are to fund a £30bn overhaul of the electricity network as the National Grid “rewires the nation” to hit net zero.
National Grid unveiled the investment as it prepares to build thousands of miles of new cables by 2030, to carry electricity from wind farms in Scotland or offshore to power-hungry cities mainly in England.
This overhaul will eventually cut greenhouse gas emissions – but will lead to thousands more pylons being built across Britain and extra charges on customers’ bills.
The announcement, planned for weeks, comes as net zero is expected to play a major role in the forthcoming general election campaign. Labour is seeking to decarbonise by 2030, but Rishi Sunak, the Prime Minister, has argued that this is too fast.
John Pettigrew, National Grid’s chief executive, announced the move alongside the company’s full year results for the year to March 2024, including another £30bn to be invested in the US.
He said: “We’re announcing today a new five-year financial framework. We will be investing £60bn in the five years to the end of March 2029 – that’s nearly double the level of investment of the past five years.
As the National Grid now admit this expenditure is inly needed to connect wind farms in Scotland and offshore to the market, surely they should be made to pay for it.
