SP Energy Networks has issued a statement following Ofgem's Draft Determination regarding its substantial investment proposals for the nation's energy infrastructure. The company plans to invest up to £12 billion in what it describes as the "major rewiring of Britain."

Nicola Connelly, CEO of SP Energy Networks, highlighted the anticipated benefits of these investments: "Our plans to invest up to £12bn into the major rewiring of Britain will unlock capacity and economic growth, as well as reducing electricity bills and network constraints. This is exactly what is needed to electrify the country, support households and businesses, and deliver the Government’s Clean Power 2030 ambitions."

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Ms Connelly acknowledged Ofgem's initial assessment: "In today’s Draft Determination, we welcome that Ofgem recognises this historic investment is critical to ensuring energy security. We will now take time to analyse their initial position in more detail. Between now and December we will engage to ensure a balanced regulatory framework that incentivises this critical investment is delivered."

Ofgem's Draft Determination, released on Tuesday, 1 July 2025, covers the RIIO-3 price control period, which will run for five years from 1 April 2026 to 31 March 2031. The regulator has provisionally approved an initial £24 billion for investment in the UK's gas and electricity grids, though it indicates that network charges on household bills are expected to increase as a result. SP Energy Networks is among the network companies whose business plans are being assessed as part of this process. The final decisions are expected by the end of 2025.