Ofgem will this week set out a five-year multibillion-pound investment programme — funded by consumers — to build a greener, fairer energy system. This is an opportunity for the energy industry to play a key role in Britain’s recovery following Covid-19. Huge investment is needed in the grid to charge millions more electric vehicles and connect more renewables to hit the 2050 net-zero emissions target set by the government. The costs are ultimately borne by consumers, who pay about £250 a year on average, or a quarter of their energy bill, for the networks. In an economic downturn, it’s even more important to bring forward this investment at the lowest cost to consumers.
Times 5th July 2020 read more »