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SP Energy Networks has launched a call for energy projects to apply for financial support from a new green recovery fund.
The electricity network operator has joined forces with fellow energy companies across the UK to unlock up to £300m of funding to support green energy projects over the next two years.
Energy Networks Association members, working with UK energy regulator Ofgem, have jointly created plans to unlock early investment in the grid to help support green energy infrastructure projects that will help accelerate uptake of the technologies of tomorrow, such as electric heating and electric vehicles.
The green recovery fund will help create new jobs in the supply chain in each local area where the funding is invested.
Reporter, Current±
The Energy Networks Association, Ofgem and distribution network operators (DNOs) have joined forces to unlock up to £300 million for network upgrades that facilitate green technology.
This funding has been partly sourced through DNOs existing allowances as part of the RIIO-ED1 price control and partly through newly-raised funds.
There is a particular interest in locations where network investment can be made quickly to support shovel-ready developments that underpin the net zero transition, the ENA said, with the investment to be directed to the most efficient projects, for example flexibility, whole-systems solutions and least-regrets expenditure.
To determine where it is best placed to go, a six week call for local authorities, developers and other parties to offer evidence on why extra capacity in their locality should be selected is being launched.
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