SP Energy Networks (SPEN) has set out £1.4bn of investments to be delivered between 2021 and 2026 and pledged to take a leading role in delivering net zero in its RIIO-T2 business plan.
On 10 December, SPEN set out how its investments will see an additional 900MW of low carbon generation connected, while allowing for further growth in renewables across Scotland and 1.6Mt CO2 savings per annum. It is also committed to ensuring the reliability of the transmission network remains at near 100%; championing regional ambitions for net zero by co-creating plans with stakeholders; and introducing new technologies to improve the efficiency, performance and environmental impact of the transmission network.
An average of £275mn would be invested across each year, costing consumers less than £5 annually. SPEN said that through efficiency and innovation, it had been able to cut its expenditure levels from RIIO-T1, with its share of a typical electricity bill averaging £4.43 per annum in RIIO-T2.
Frank Mitchell, CEO of SP Energy Networks, explained that the next decade will be a critical period for preparing the grid ahead of the increase in demand from an all-electric economy. SPEN’s investment plan will allow it to take a leading role in delivering net zero and accelerate the transition to a decarbonised future. Mitchell said: “We have already been fundamental in establishing Scotland as a globally recognised renewable energy powerhouse, with 30% of the UK’s onshore wind generation connected via our transmission network.”