SP Energy Networks has submitted its final RIIO-ED2 business plan to energy regulator Ofgem setting out £3.3bn of investment in its electricity distribution network required to help get the UK fit for a green future.
Running from 2023 to 2028, the plan sets out SP Energy Networks’ vision for a network that can meet the challenge of Net Zero across more than 100,000km of network and 30,000 substations.
Proposals include critical network upgrades to support the roll-out of 670,000 electric vehicles and 370,000 heat pumps, and to connect over 6GW of local new renewable power.
To help deliver the task, SP Energy Networks plans to recruit more than 1100 green jobs, with thousands more indirect roles supported over the five years.
Communities are also set to share in a proposed £30 million Distribution Net Zero fund. This will support innovative, low-carbon project proposals to enable communities to realise their ambitions.
Frank Mitchell, CEO of SP Energy Networks said: “The role of our networks in achieving Net Zero cannot be understated – we forecast that up to 1.8 million electric vehicles, 1.1 million heat pumps and more than three times as much distributed generation will be supported by our networks by the end of this decade.
“The only way this can be achieved is by delivering our RIIO-ED2 plan, one of the most innovative and ambitious plans the UK has seen in recent years.”
SP Energy Networks now awaits the draft decision of Ofgem on its ED2 investment plans in summer 2022, with final determinations then expected at the end of 2022.