A new growth plan has been unveiled and is expected to create 48,000 jobs, including apprenticeships and engineering roles.
The scheme created by Energy Networks Association and BEAMA, is called The Electricity Networks Sector Growth Plan, says the upgrades will generate £58bn in GVA (gross value added) for the UK economy as a whole.
The plan itself details how 72p of every £1 invested will go straight back to local communities.
Yselkla Farmer, Chief Executive, BEAMA, said: “Upgrading Britain’s grid is one of the biggest infrastructure programmes of our time. The Sector Growth Plan sets out how we will deliver it, giving manufacturers and service providers confidence to invest in people and places.
“The removal of uncertainties isn’t just helpful to the industry. It’s helpful for UK growth. After all, every new pylon and substation built over the next decade is a potential order for a factory and jobs in local communities which will give us the electricity we need to power our industries and economy.”
Akshay Kaul, Director General for Infrastructure at Ofgem welcomed the plan and said he is dedicated to delivering it.
He said: “With government, industry and the regulator working together, there is a real opportunity to maximise the benefits of investment in Britain’s electricity networks. Ofgem will play its part in helping ensure that investment delivers lasting value for consumers while supporting jobs and economic growth across the country.”
To support the implementation of the plan, a new ‘Growth Partnership’ has been established. Overseen by an independent chair, the collaboration will include dedicated sub-groups driving the delivery of cross sector action plans, focused on supply chains and skills development, in order to make the plan a reality.
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