Who pays the bill to fund the £60bn overhaul of the national grid Net Zero – Watts Up With That?
From NOT MANY PEOPLE KNOW THAT
By Paul Homewood
h/t Paul Kolk
This confirms what we learned a few weeks ago:
Billpayers will fund a £30bn overhaul of the electricity network as the National Grid “rewires the nation” to reach net zero.
National Grid revealed the investment as it prepares to build thousands of kilometers of new cables by 2030 to transmit electricity from wind farms in Scotland or offshore to power-starved cities, mainly in England.
The overhaul will finally cut greenhouse gas emissions – but will result in thousands of extra towers being built across the UK and adding extra charges to customers’ bills.
The announcement, planned for weeks, comes as net zero is expected to play a key role in the upcoming general election campaign. Labor is looking to decarbonize by 2030, but Chancellor Rishi Sunak says this is too fast.
John Pettigrew, chief executive of National Grid, announced the move alongside the company’s full-year results to March 2024, including another £30bn to be invested in the US.
“Today we announce the new five-year financial framework,” he said. We will invest £60 billion over the five years to the end of March 2029 – almost double the level of investment over the past five years.
As the National Grid now admits this expenditure is only necessary to connect Scottish and offshore wind farms to the market, it must surely pay for it.
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