Burnham to unveil public body to invest in electricity grid
Summary
Prime Minister Andy Burnham will announce a new public company called Great British Grid to invest in and speed up connections to Britain’s electricity grid. This plan aims to reduce energy costs and increase competition by working alongside private companies managing the grid.Key Facts
- The new public body is named Great British Grid (GB Grid).
- GB Grid will invest in electricity grid connections and compete with three private grid companies in Britain.
- The goal is to quicker connect businesses and green energy projects to the electricity grid, lowering energy costs.
- The UK electricity grid needs extensive upgrades, especially for remote renewable energy sources like offshore windfarms.
- The regulator Ofgem estimates £70 billion is needed for grid investment from 2025 to 2031, about four times current spending.
- The National Audit Office reported that many projects are delayed waiting for grid connection.
- Funding for GB Grid will come from the budget of GB Energy, a public green investment company set up by Labour.
- Burnham will also discuss plans to fund a new NHS-style social care system for England.
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