SP Energy Networks has set out a £10.6bn plan to help rewire Britain and deliver the critical electricity infrastructure needed for decades to come as it submits its RIIO-T3 Business Plan to Ofgem.

The Business Plan, “How we get there”, covers the next price control period from 2026-31 and will deliver new and upgraded transmission infrastructure in central and southern Scotland, including 12 new major transmission substations, 450km of upgraded existing circuits, 87km of upgraded overhead lines and 35km of underground cables – all to help increase capacity on the GB transmission grid to meet demand.

The Plan also outlines a programme of investment to further increase network resilience, maintain existing assets and help connect up to 19GW of new clean, green power to the grid, as well as contributing to reduced constraint costs, leading to a £167 saving per household every year by 2030.

SP Energy Networks plans to double its transmission workforce with around 1,400 new directly employed jobs and supporting another 11,000 more jobs across the UK.

This is a step change in transmission investment, over three times more than the £3.4bn of the RIIO-T2 plan.

Independent research by the Centre for Energy Policy at the University of Strathclyde has found that the Business Plan could contribute sustained economic benefit of £2bn each year to UK society.

In one of the largest construction pushes underway in the UK, SP Energy Networks has already announced £5.4bn worth of supply chain contracts with 19 firms (17 of them UK and Irish).

Nicola Connelly, CEO of SP Energy Networks, said:  “We have a chance to shape a cleaner, greener future for us all. Making this crucial investment now will drive a positive impact that will help to stabilise and lower consumer energy bills in the longer term.

“If UK wants to deliver on its ambition to be a clean energy superpower and capitalise on its natural resources, then it needs the electricity grid to match demand.

“Our Business Plan has been developed to deliver that at pace, combining unprecedented levels of investment with a focus on ensuring fair returns for consumers and investors. 

“Government and industry have never been clearer on what needs to be achieved and now we need Ofgem to match that ambition with a price control that unlocks the capital required to finance the projects that will deliver clean power in the next decade.” 

Also included in SP Energy Networks’ Business Plan is a proposed £20m Net Zero Fund to build on the success of its current £5m fund.  Working with community organisations and charities, the fund will deliver vital monies to enable local decarbonisation initiatives, as well as providing support and guidance to help communities prepare for and deliver their own net zero plans and projects.

Read the full RIIO-T3 Business Plan proposals and to respond to our consultation.