- Power utility National Grid said it had submitted a final business plan to UK regulators that envisaged £7.1bn of spending over five years.

The plan was lodged with Ofgem for the company's UK electricity and gas transmission businesses for the 2021-to-2026 regulatory period.

It assumed connection of 15.3 gigawatts of customer capacity, which the company said would provide the UK with clean power and flexible storage, as well as continued investment to maintain reliability and resilience.

National Grid said it had requested real 6.5% (consumer price index-stripped) cost of equity to deliver the plan.

'This is an exciting time for the energy industry, and we remain committed to delivering and maintaining world class networks that provide the means to lower carbon emissions, and to meeting net zero targets, that will be to the benefit of all consumers,' it added.

'We look forward to engaging further with all our stakeholders as we explain and debate our plans, including through the open forums in March and April 2020, ahead of initial determinations from Ofgem in summer 2020, and final determinations in late 2020.'

Story provided by