Ofgem approved a $24 billion investment to enhance the UK's energy infrastructure, with household energy bills expected to rise by over 100 by 2031 to finance this initiative. The investment includes over 15 billion allocated for gas transmission and distribution networks over a five-year period, alongside 8.9 billion for the high-voltage electricity network. This funding aims to support the completion of 80 major energy projects by 2030 and aligns with the UK government's efforts to boost the renewables sector for improved energy security.
Annual household energy bills in the UK are projected to rise by over 100 after Ofgem approved a 24 billion investment to upgrade the energy infrastructure.
Ofgem's approval includes over 15 billion for gas transmission and distribution networks and 8.9 billion for the high-voltage electricity network.
This funding will facilitate 80 major energy infrastructure projects by 2030, focusing on enhancing national energy security and aligning with the UK government's renewables push.
Households will see a rise of 104 by 2031 to cover the costs of additional investments in the energy sector.
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