28/06/13: £2.6 billion power network bid
The North West’s electricity infrastructure will benefit from a £2.6bn investment if plans by network operator Electricity North West are accepted by the government.
The company will submit investment plans to Ofgem on Monday (1 July) outlining how the funding would benefit the region’s network between 2015 and 2023.
As well as record levels of investment, Electricity North West plans to reduce prices by 11% on average for domestic customers. The company will also bring the benefits of the new plan forward, reducing planned prices by 5% next year.
Steve Johnson, Electricity North West’s chief executive, said: “We’ve been working closely with our stakeholders on developing this plan for the past two years and I’m confident that it delivers the right balance of investment and prudence.
“Business and domestic customers tell us they want a network that is reliable, affordable and sustainable – so that’s exactly what our plan delivers.”
The North West’s electricity network is one of the most dependable in the country, operating at 99.99% reliability. Electricity North West’s plan aims to reduce power cuts by a further 20% over the next 10 years.
“It’s a huge challenge for us,” added Steve. “We all want power at the flick of a switch, so we want to invest to ensure we have the infrastructure to support the region’s people and economic growth as we all use more and more electricity.
“On the other hand, when some in the North West are in fuel poverty and are struggling to afford their bills, we need to work extra hard to keep our costs down as much as we can.”
Click this link to see Electricity North West’s plan in full.
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