Ofgem today released its final determination on SP Energy Networks’ RIIO-ED2 Business Plan, in which SPEN set out how it will enable the path to Net Zero through its Distribution network from 2023 to 2028.
Vicky Kelsall, SP Energy Networks’ CEO, said:
Throughout the development of our plan our customers’ voices were clear – we must be bold as we reimagine our network, support the UK’s accelerated road to net zero, create a green recovery and stimulate more high-quality jobs. That’s what we’re committed to delivering.
“Today marks the next step in our proposals to invest £3 billion in our communities, delivering jobs, apprenticeships, economic benefits - and ultimately, making sure our country meets net zero. All whilst keeping our portion of the bill broadly flat across the ED2 period at 30p per day per household.
“We’re pleased Ofgem has recognised the strength of our plan by accepting 95%* of the investment outlined and we will now review the detail to ensure it delivers for the customers and communities we serve.
“We look forward to working constructively with Ofgem to deliver the modern, efficient and high-quality network needed to unlock growth across our regions.”
The Final Determination from Ofgem follows an extensive review and consultation period on our final business plan that was published in December 2021.
*Including uncertainty mechanisms