DECC: Investment in energy networks 'crucial' for UK's low-carbon future
The UK's energy networks will play a vital role in meeting future energy challenges, according to a report published by the Department for Energy and Climate Change (DECC).
The report, Delivering UK Energy Investment: Networks, estimates that more than £34bn funding will be needed in electricity and a further £7.6bn in gas networks between now and 2020.
DECC states that this additional investment will allow networks to accommodate more renewable sources, improve energy efficiency and security, and keep energy costs as low as possible, as well as integrating low-carbon generation.
The report underlines the important contribution that UK energy networks make to economic growth and employment, with additional investment expected to support up to 9,000 jobs and contribute an estimated £5bn in exports through the 2020s and 2030s.
Commenting on the report, chief executive of Energy Networks Association (ENA) David Smith said: "The remarkable innovation which is already progressing in the sector will mean that the UK's energy networks will be delivering record investment whilst ensuring that the cost to consumers remains flat into the next decade.
"By investing in smarter networks the UK has an opportunity to become a world leader in the field, with the potential to deliver significant economic benefits.
"At the same time, our networks will support thousands of highly skilled jobs, and create career opportunities for young people across all regions of the UK."