National Grid: Nearly £60bn energy grid upgrade needed to hit green target

Nearly £60bn is needed to build the British energy grid of the future in order to meet climate change mitigation milestones in just over 10 years, according to the National Grid. The British electricity network needs £58bn in investment to meet 2035 decarbonising targets, National Grid said. New cables need to be built to bring electricity from renewable generating sources, such as offshore wind farms, to the places where that electricity is needed, such as cities.

In the process of expanding grid capacity, 20,000 jobs could be created and 90% of them would be outside London and the southeast, the report added. The plans, however, are said to be in the early stages - with planning permission yet to be sought and community consultation yet to take place. National Grid is the London Stock Exchange-listed company that owns and runs the electricity network. The company also owns and operates infrastructure in the United States.

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