UK Fast-Tracks $5-Billion in Grid Infrastructure Investments | OilPrice.com
document.write(write_html);
}
Breaking News:
The UK’s energy regulator, Ofgem, on Thursday said a new set of rules are granting early access to nearly $5.18 billion (£4 billion) of investment for crucial transmission equipment and services, which is expected to connect renewable energy projects to the grid quicker.
Ofgem’s new Advanced Procurement Mechanism (APM) will unblock supply chains by allowing Britain’s electricity transmission owners (TOs) to buy essential equipment – such as switchgear, cables, and steel – years in advance of when it is needed.
document.write(write_html);
}
The process to unblock supply chains is expected to ensure that approved projects would be ready to break ground as soon as planning approval is granted. This in turn would allow transmission owners to avoid delays, control costs, and attract international investment in the drive to net zero, Ofgem said.
“Across the world many countries are stepping up their investment in clean energy at the same time, putting unprecedented pressure on the supply chain as growing demand for essential materials forces up prices and lengthens delivery times,” said Akshay Kaul, Director General, Infrastructure, for Ofgem.
“This is why it’s vital that we help the electricity transmission owners move quickly, procuring at scale as early as possible to reduce financial risk.”
Energy Minister Michael Shanks commented, “This fast-track measure means we can quickly get Britain building the infrastructure we need to deliver clean power by 2030 and an energy system that can bring down bills for households and businesses for good.”
Ofgem is currently seeking feedback on proposed changes to the grid connection policy from a first-come first-served approach to prioritizing projects where generation capacity is needed the most and projects are at a more advanced stage of development.
The UK government last month set out proposals to reform planning consent criteria and the flagship scheme for awarding renewable projects, aiming to fast-track clean energy rollout as Britain targets clean power by 2030.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
document.write(write_html);
}
FACEBOOK
Twitter
GOOGLE+
LINKEDIN
REDDIT
PRINT
document.write(write_html);
}
EXXON Mobil
-0.35
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
