Ofgem has published their settlements for the next network price control, known as RIIO-2. For the transmission and gas distribution networks and system operator, RIIO-2 will come into effect next year and run for five years until 2026.
Speaking on behalf of electricity transmission and gas network operators, David Smith, Chief Executive of Energy Networks Association said:
“Delivering the Prime Minister's Ten Point Plan for a Green Industrial Revolution, keeping energy flowing to homes and businesses, and achieving Net Zero emissions requires sustained investment, innovation and a supportive and forward-looking regulatory regime. We will be studying the detail of Ofgem's determination over the coming weeks to ensure it stands up to these challenges."
Notes to editor
As lockdown measures ease, the energy networks are well placed to support the UK’s economic recovery. Employing around 36,000 people in Great Britain and supporting vast supply chains across the country, the benefits of expenditure and investment by the networks is far-reaching.
National Grid predicts around 400,000 jobs in the energy sector will be needed between now and 2050 to deliver the net zero target. Of this, 260,000 will be in new roles, while 140,000 will be replacing those who have left the workforce.
The UK’s energy networks have already facilitated the connection of over 30GW of renewable generation in the past ten years and are undertaking projects which are set to create the world’s first zero-carbon gas grid and a move to even smarter energy grids.
About us
Energy Networks Association (ENA) is the industry body representing the energy networks. Our members include every major electricity network operator in the UK. The electricity networks are at the heart of the energy transition. They directly employ more than 26,000 people in the UK, including 1,500 apprentices. They are spending and investing £33bn in our electricity grids over the coming years, to ensure safe, reliable and secure energy supplies for the millions of homes and businesses reliant on power every day.
Press contacts
You can contact ENA's press office by emailing press@energynetworks.org. For urgent or out-of-hours enquiries from journalists, please call 0204 599 7691.