SP Energy Networks £10.6bn plan to lower bills and meet green energy targets
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An energy company has unveiled a £10.6bn five-year plan that it claims will reduce household energy bills and aid the UK in achieving its green energy goals. SP Energy Networks, a subsidiary of ScottishPower, is presenting plans to energy regulator Ofgem for the period from April 2026 to March 2031. The firm pledges to invest £10.6bn in new and upgraded transmission infrastructure across central and southern Scotland.
This includes 12 new transmission substations, 450km of upgraded existing circuits, 87km of upgraded overhead lines and 35km of underground cables, all aimed at boosting the country’s power transmission capacity. The plan also features an investment programme to enhance network resilience, maintain existing assets, connect up to 19 gigawatts of new green power to the grid and reduce "constraint costs". This, the firm asserts, will result in annual savings of £167 per household by 2030.
The power company, which operates over 110,000km of power cables across the UK, also plans to double its transmission workforce, creating around 1,400 new jobs directly and supporting an additional 11,000 jobs nationwide. The company also revealed it has already awarded £5.4bn worth of supply chain contracts to 19 firms, 17 of which are UK and Irish-based, in what it describes as "one of the largest construction pushes under way in the UK".
The Centre for Energy Policy at the University of Strathclyde has conducted research that reportedly shows these initiatives could bring a "sustained economic benefit" of £2bn annually to UK society, according to SP Energy Networks. Nicola Connelly, SP Energy Networks’ chief executive, said: "We have a chance to shape a cleaner, greener future for us all. Making this crucial investment now will drive a positive impact that will help to stabilise and lower consumer energy bills in the longer term.
