David Smith, Chief Executive of Energy Networks Association responds to Ofgem’s settlements for the RIIO-2 price control period.
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 editors
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 Energy Networks Association
We’re the industry body for the energy networks. Our members own and operate the wires and pipes which carry electricity and gas into your community, supporting our economy. The wires and pipes are the arteries of our economy, delivering energy to over 30 million homes and businesses across the UK and Ireland. To do this safely and reliably, the businesses which run the networks employ 45,000 people and have spent and invested over £60 billion in the last eight years.