01 / The opportunity of the UK’s grid upgrade

Long before the government committed to delivering a net zero electricity network by 2030, the UK’s third electricity revolution was well under way. Announcements made at the recent international investment summit, including Iberdrola’s pledge to double its UK capital expenditure through Scottish Power to £24bn, are the product of years of effort in the refinement of regulation, the development of project proposals and the raising of finance.

Great Britain’s transmission owners (TOs) plan to invest £20bn in 26 strategic projects under the regulator’s Accelerated Strategic Transmission Investment (ASTI) framework. The TOs will also continue to maintain and enhance the existing 8,600km grid, with a new price control period, RIIO-ET3, commencing in 2026. The period to 2040 will see investment of a further £58bn, according to the National Energy System Operator’s (NESO) Beyond 2030 report, published in March 2024.

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