Power network cash call

Around £32bn needs to be spent on "rewiring" Britain's gas and electricity network in the next 10 years, says the energy watchdog.

Ofgem said the investment in pipes and wires across the country, twice that seen in the last 20 years, was necessary to secure supplies to households and to move to a low-carbon economy.

The regulator said Britain’s “ageing networks”, mostly built in the 1950s and 1960s, need replacing to match increasing demand and a change in how consumers will use energy – such as charging electric cars overnight.

Ofgem also revealed a new pricing model, which moves away from the previous inflation-tied controls to an incentive-driven approach that rewards more efficient companies.

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