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UK's National Grid to Fund Grid Upgrades, Expansion for Renewables

POWER
Homepagemarkets-real-timeBulletUKBank Of England (BOE) Market News

British utility National Grid plans to raise £6.8bn (€7.98bn) of capital to finance upgrades and expand the power grid with the aim of allowing additional renewable projects to connect to the grid, according to Bloomberg.

  • The grid upgrades will also be used to connect additional vehicle charging networks and lessen the burden from a doubling of power demand expected due to net-zero targets.
  • The company intends to sell its grain liquefied natural gas terminal and its US onshore-wind business to help acquire the funds.
  • European power grid investment must double by 2030 and triple by 2040 from current investment for the EU to meet its net zero targets, according to Bloomberg. This would place investment as high as ~$118 bn/yr by 2030 and about $150 bn/yr by the 2040s.
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British utility National Grid plans to raise £6.8bn (€7.98bn) of capital to finance upgrades and expand the power grid with the aim of allowing additional renewable projects to connect to the grid, according to Bloomberg.

  • The grid upgrades will also be used to connect additional vehicle charging networks and lessen the burden from a doubling of power demand expected due to net-zero targets.
  • The company intends to sell its grain liquefied natural gas terminal and its US onshore-wind business to help acquire the funds.
  • European power grid investment must double by 2030 and triple by 2040 from current investment for the EU to meet its net zero targets, according to Bloomberg. This would place investment as high as ~$118 bn/yr by 2030 and about $150 bn/yr by the 2040s.