Ofgem approves £24bn plan to upgrade UK energy networks

Ofgem has cleared £24bn ($32bn) for upgrades to strengthen UK energy security and expand clean power. The investment is part of a broader £80bn plan to modernise the electricity grid and cut reliance on imported gas.

£15bn will go to gas network safety. £8.9bn is for high-voltage electricity upgrades, with £1.3bn kept in reserve. Projects include 4400km of overhead line upgrades and 3500km of new circuits. Offshore investment will double compared to the last decade.

By 2030, the plan aims to connect 126GW of clean power and storage. After six months of review, Ofgem cut over £8bn from initial company bids to protect consumers.

By 2031, network charges may rise by £104 per household—half for safety, half to expand grid capacity.

Ofgem CEO Jonathan Brearley called the projects a safeguard against volatile gas prices and said cost controls are in place to protect consumers.