Ofgem is targeting local electricity transformation in its distribution proposals for the next five years. In its new proposals, the regulator has explained that it wants to ‘turn your street green’, focusing on growing investment, flexibility and ensuring a fair balance between shareholders and consumers. Given the predicted growth in the use of electric vehicles (EVs) and heat pumps in Britain as the country pushes decarbonisation, the need to unlock capacity to support the following growth in demand is key. This will require investment, with the regulator set to help companies speedily and reliably upgrade their networks to accommodate increased demand. This will be supported by a new strategic innovation fund, with an initial £450 million across all the energy networks announced to drive research and development of green energy.
Current 30th July 2020 read more »