National Grid Has Tapped Shareholders for £7bn to Fund Low-Carbon Energy

( – National Grid has asked shareholders for seven billion pounds to fund a sixty billion spending spree to help switch to a low-carbon energy network. The company announced that this would provide funds for an investment, connecting homes with renewable energy using thousands of miles of cables.

The company said sixty billion will be spent over the next five years to step up investments. The plan would include money spent on energy transmission as well as money to put on asset replacement and reinforcement.

John Pettigrew, National Grid’s chief executive said that this investment would add “single-digit pounds” to bills. The switch to renewables would also reduce costs which means that the overall cost of the bill would go down.

They said that the funds would be spent on “critical energy infrastructure in the UK and US in support of the energy transition and economic growth objectives.” Although they haven’t given any details on what projects they would be funding, it’s said that projects under its Great Grid Upgrade plan are likely to receive some of the funds.

These projects include a proposal for two offshore high-voltage electricity links from Scotland and England, as well as a planned upgrade to existing power lines in East Anglia.

“As economies become increasingly digital, electrified, and decarbonized, the need for energy infrastructure has rarely been more pressing,” Pettigrew said.

He continued, “Our investment will unlock significant economic growth and, by the end of the decade, National Grid is expected to support over sixty thousand more jobs, while also decarbonizing our energy systems, bolstering security of supply, and reducing consumer bills in the long term.”

In the United States, the firm is spending four billion dollars on an “upstate upgrade” which would tackle more than seventy projects to modernize the network of New York City.

This plan will sell its U.S. onshore wind and solar business. The government has committed to decarbonizing the electricity grid by 2035 and while Pettigrew said that these plans are “ambitious,” the company was speaking out to support and still push for it.

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