The National Grid announced on Wednesday that it plans to invest up to 35 billion British Pounds (44.45 billion USD) in its transmission business over the five years ending in March 2031.
The National Grid operates the UK's energy system and manages Electric Power & Gas businesses in New York and Massachusetts, USA. The company stated that this investment includes over 11 billion British Pounds for the maintenance and upgrade of the existing transmission network, as well as the construction of three Accelerated Strategic Transmission Investment (ASTI) projects in the United Kingdom.
The ASTI projects are a key component of the National Grid's plans to build new grid infrastructure aimed at reducing the UK's dependence on fossil fuels and connecting 50 gigawatts of offshore Wind Power by 2030.
The UK's goal is to achieve large-scale decarbonization of the Electrical Utilities industry by 2030, which means reducing reliance on gas-fired power plants and rapidly increasing Wind Power generation capacity.