Green energy plan needs 600 miles of power lines - report

Published On Nov 4, 2024, 8:01 PM

The UK government aims to meet its clean energy target of decarbonizing electricity by 2030, necessitating the construction of nearly 620 miles of new power lines and significant investments in infrastructure and renewable energy sources, particularly offshore wind. The National Energy System Operator has indicated that achieving this target is feasible, but will require rapid planning reforms and construction boosts to ensure timely completion. The government is expected to publish a modernization action plan soon to enhance grid connections and facilitate the transition to renewable energy. The projected cost of this initiative averages £40 billion annually, mostly from private sector investments, while also ensuring minimal consumer cost impact due to reduced reliance on natural gas.

Stock Forecasts

The efforts to expand the electricity grid and focus on renewable energy development signal robust growth potential for companies involved in energy infrastructure, especially those engaged in the construction of power lines, renewable energy technologies, and offshore wind projects. The ongoing government commitment can lead to increased capital inflows in these sectors.

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