UK grids get $40b budget to meet net-zero targets

UK grids get $40b budget to meet net-zero targets

UK grids get $40b budget to meet net-zero targets Admin 4 mins ago Energy, UncategorizedBloombergUK energy grids will have 30 billion pounds ($40 billion) to spend on ensuring the nation's pipes and wires are able to cope with meeting the nation's net zero emissions target by 2050. The budget is for service, maintenance, upgrades and repairs on gas and power grids for the next five years, and is 20% higher than the spending limit initially proposed by energy regulator Ofgem. A further 10 billion pounds is being considered for future green projects including reinforcing the grid to connect offshore wind farms. Prime Minister Boris Johnson has set bold climate targets that will transform the energy industry. The networks have to find a way to accommodate electric vehicles, heat pumps and batteries for a low-carbon economy and to attract the necessary investment. Ofgem's job is to make sure that the transition doesn't push up consumer bills. “This is a massive investment and we will all pay for this through our bills and so we are telling companies they must play their part,” Jonathan Brearley, chief executive officer of Ofgem, said in a call with journalists. “That does mean bringing down