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20/01/2010
Ofgem Publishes Final Funding Proposals To Help Meet Carbon Targets
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Energy regulator Ofgem has published final proposals for funding the first tranche of projects from a potential £1 billion package of extra investment in Britain's high-voltage networks.
The first tranche, totalling £319 million, will help connect Great Britain's growing amount of renewable electricity generation.
The transmission companies are in the process of providing further information to support their case for funding for the remaining projects due to start construction by April 2012, totalling a further £764 million of investment. Ofgem will make assessments and reach a decision following receipt of this information. Ofgem intends to address future funding arrangements as part of the next transmission price control review process.
Ofgem's Acting Senior Partner for Transmission and Governance, Stuart Cook, said: "The funding proposals will enable vital new generation, much of it renewable, to be connected to the grid. Ofgem has been working with industry to overcome delays to critical investments and the funding proposals mark a significant step towards facilitating the Government's 2020 carbon emission reductions target."
The £1 billion package is in addition to the £3.8 billion investment Ofgem approved for the three electricity transmission companies to spend on network upgrades in their current price control. Ofgem will continue to assess the companies' requests for funding for the remaining £764 million of the £1bn package.
(CD/GK)
The first tranche, totalling £319 million, will help connect Great Britain's growing amount of renewable electricity generation.
The transmission companies are in the process of providing further information to support their case for funding for the remaining projects due to start construction by April 2012, totalling a further £764 million of investment. Ofgem will make assessments and reach a decision following receipt of this information. Ofgem intends to address future funding arrangements as part of the next transmission price control review process.
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Ofgem's Acting Senior Partner for Transmission and Governance, Stuart Cook, said: "The funding proposals will enable vital new generation, much of it renewable, to be connected to the grid. Ofgem has been working with industry to overcome delays to critical investments and the funding proposals mark a significant step towards facilitating the Government's 2020 carbon emission reductions target."
The £1 billion package is in addition to the £3.8 billion investment Ofgem approved for the three electricity transmission companies to spend on network upgrades in their current price control. Ofgem will continue to assess the companies' requests for funding for the remaining £764 million of the £1bn package.
(CD/GK)
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