SSE PLC (LSE:SSE) transmission subsidiary SSEN has laid out plans to invest up to £31.7 billion in UK energy grid projects over the five years from 2026.
SSEN on Tuesday said proposals would be submitted to Ofgem for the planned spending under its next regulatory period, which included £22.3 billion in known investment.
Further spending of up to £9.4 billion was also unveiled to cover potential additional costs related to the plan.
“Our RIIO-T3 Business Plan sets out an ambitious, deliverable blueprint, to unlock the unprecedented levels of investment required to deliver UK and Scottish net zero and energy security targets,” managing director Rob McDonald said.
Some 37,000 jobs could be created across the UK through the investments, SSEN added, including 17,500 in Scotland, with the plans set to add £15 billion to the economy.
“With a new national mission to deliver clean power by 2030 in order to boost energy security and protect future consumers, unlocking the right level of investment during the next price control will be key,” SSE chief executive Alistair Phillips Davies said.
“It is now crucial that Ofgem backs that ambition with an investable and financeable framework, setting an appropriate cost of equity that recognises the unprecedented levels of investment required to decarbonise the economy.”