Britain's energy network is set to undergo its biggest upgrade since the 1960s, with £28 billion earmarked for gas and electricity grids over the next five years. The plans, approved by the energy watchdog Ofgem, will see households face higher energy bills as more than £17.8 billion is spent on upgrading gas transmission and distribution networks.
The investment pipeline includes funding for more than 80 projects, including new high-voltage power cables and upgrades to existing overhead wires. While the government aims to become a green energy superpower by the end of the decade, critics argue that the increased costs will disproportionately affect households.
Ofgem has approved £10.3 billion for re-wiring the nation's high-voltage electricity network, the largest expansion since the 1960s. The added net costs are estimated to be around £30 a year per household by 2031, equivalent to an increase of around £2.50 per month.
Energy companies including National Grid, SSE, and Scottish Power have been given the green light to spend on their respective projects, which will fund upgrades to the gas network and electricity grid. However, environmental groups have called for greater scrutiny to ensure that the investments deliver "genuine value for money".
The increased costs are expected to take several years to materialize, with Ofgem predicting a £108 annual increase in network charges on bills by 2031, taking those charges from £222 to £330 per year. However, critics argue that this estimate is likely to be underestimated and could lead to even higher energy bills for households.
The government has promised to cut £150 off next year's power bills from April as part of efforts to ease the financial burden on consumers. Despite this, many experts warn that households will still face significant increases in their energy costs over the coming years.
The investment pipeline includes funding for more than 80 projects, including new high-voltage power cables and upgrades to existing overhead wires. While the government aims to become a green energy superpower by the end of the decade, critics argue that the increased costs will disproportionately affect households.
Ofgem has approved £10.3 billion for re-wiring the nation's high-voltage electricity network, the largest expansion since the 1960s. The added net costs are estimated to be around £30 a year per household by 2031, equivalent to an increase of around £2.50 per month.
Energy companies including National Grid, SSE, and Scottish Power have been given the green light to spend on their respective projects, which will fund upgrades to the gas network and electricity grid. However, environmental groups have called for greater scrutiny to ensure that the investments deliver "genuine value for money".
The increased costs are expected to take several years to materialize, with Ofgem predicting a £108 annual increase in network charges on bills by 2031, taking those charges from £222 to £330 per year. However, critics argue that this estimate is likely to be underestimated and could lead to even higher energy bills for households.
The government has promised to cut £150 off next year's power bills from April as part of efforts to ease the financial burden on consumers. Despite this, many experts warn that households will still face significant increases in their energy costs over the coming years.
I gotta say, I'm a bit worried about these energy upgrades 
. £28 billion is a huge amount of money, and while it's great to think about our future energy needs 
, it's not gonna be cheap for households. An extra £30 a year per household by 2031? That's still a pretty penny 
. I get that we need to invest in green energy and whatnot 
, but some people might struggle to make ends meet on their current bills. Maybe the government should think about ways to help low-income households out more? 
We'll have to see how it all plays out 
.
They're upgrading the whole energy network in Britain for £28 billion... that's like, whoa! 
. I mean, I get it, we need a greener future and all that, but can't we find more affordable ways to make it happen? 
#EnergyUpgrade #CostlyTransition
How are people supposed to cope with that? 
That would be way more eco-friendly and cost-effective, don't you think? 
Just saying... #SustainabilityOverCost
It's not like we're already struggling with the cost of living or anything. And great job on investing all that cash into upgrading the gas network... meanwhile, households will just have to enjoy the thrill of watching their pension money dwindle faster 
.
. £30 a year per household by 2031? That's like, almost a whole extra £2.50 per month... 
, like who needs to actually catch it when you can just trade for one? 
, I mean, don't get me wrong, we need to transition to greener energy and all, but £28 billion is a huge chunk of change 
... for most people, this is gonna be a real stretch 
. What's the plan to help households cope with these rising costs? A £150 cut in 2026 isn't exactly setting my heart aflame 
either. We need more than just Band-Aids on our energy crisis 
. But hey, I suppose we gotta think about the long game here... Britain wants to be a green energy superpower, right? So, it's all part of the plan 
I mean, I get it, old infrastructure needs upgrading, but is £28 billion really the most efficient way to do it? 