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POWER: Ofgem Eyes New £5-8bn Investment Fund for Energy Transition

POWER
CEEMEAEnergy BulletsBulletPower BulletsUKCommodities

Ofgem launched a consultation on Wednesday to potentially introduce a new £5-8bn investment fund, the Advanced Procurement Mechanism (APM), to drive the UK’s energy transition, it said. 

  • Funding is aimed for Britain’s energy transmission owners to cut delays, control costs and to attract international investment.
  • “The regulator’s new Advanced Procurement Mechanism (APM) would provide billions of pounds in allowances for transmission owners to buy essential equipment – such as switchgear, cables and steel – years in advance of when it is needed, and often before their project has been finalised”, it said.
  • The proposal was launched on Wednesday by Ofem and will be under consultation until 18 December, to be introduced in 2025.
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Ofgem launched a consultation on Wednesday to potentially introduce a new £5-8bn investment fund, the Advanced Procurement Mechanism (APM), to drive the UK’s energy transition, it said. 

  • Funding is aimed for Britain’s energy transmission owners to cut delays, control costs and to attract international investment.
  • “The regulator’s new Advanced Procurement Mechanism (APM) would provide billions of pounds in allowances for transmission owners to buy essential equipment – such as switchgear, cables and steel – years in advance of when it is needed, and often before their project has been finalised”, it said.
  • The proposal was launched on Wednesday by Ofem and will be under consultation until 18 December, to be introduced in 2025.