Power Grid

A global company has announced plans to double its investments in electricity grids and power transmission projects over the next five years, targeting the energy transition and carbon emission reductions in the United Kingdom and America. National Grid is set to invest approximately £60 billion ($76.5 billion) between 2024 and 2029, as reported by a Washington-based energy platform. This significant investment aims to grow the company's power grid assets by 10% annually, reaching a total of £100 billion ($127.4 billion) by 2029.

Of the £60 billion investment, £51 billion ($64.99 billion) will be allocated specifically to reduce carbon emissions by developing electricity grids in line with the European grid. The European Union has set a goal to invest around €600 billion ($639.4 billion) in electricity infrastructure, including high-voltage lines, transformers, and wires, to support the anticipated increase in renewable energy generation and to connect generation and demand centers across the continent.

John Pettigrew, CEO of National Grid, emphasized that this investment strategy marks a pivotal moment in strengthening their leadership in the Atlantic energy transition. To finance this ambitious plan, the company will pursue several funding avenues, including a £7 billion ($8.92 billion) rights issue and the sale of its subsidiaries Grain LNG in the UK and National Grid Renewables in America. Venture Global LNG has also partnered with National Grid Grain to use the TUA plant for operations in Louisiana.

National Grid has also launched the High Voltage Direct Current (HVDC) Supply Chain Framework in collaboration with SSEN Transmission and ScottishPower Energy Networks to secure the necessary supply chain for marine line requirements in the UK. The company is advancing 17 large onshore and offshore transport projects, including the $4 billion Upstate Upgrade in America, the largest in New York in a century. Additionally, the sixth link in the Viking Link project, connecting the UK and Denmark, became operational last December. This 1,400 MW high-voltage DC power connection exemplifies the company's commitment to enhancing its network and supporting long-term value for shareholders while fostering job creation and carbon neutrality.