SSEN Transmission intends to invest a minimum of £22bn ($28bn) in grid infrastructure over five years from April 2026 to March 2031.
The 75%-owned subsidiary of SSE stated that the plans will contribute to the creation of thousands of new jobs across the UK and Scotland.
SSE chief executive Alistair Phillips Davies stated: “We’re setting out today the extent of our ambition and commitment. 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 and deliver a clean power system.”
SSEN Transmission has submitted its business plan to Ofgem as part of the energy regulator’s Revenue = Incentives + Innovation + Outputs (RIIO) framework.
The investment is designed to help achieve the UK’s climate change and energy security targets, providing a route to net zero emissions and supporting the government’s goal of clean power by 2030.
SSEN Transmission has also outlined the possibility of an additional £9.4bn ($11.9bn) in future “uncertainty mechanism” expenditure, which could bring the total spending over the period to £31.7bn.
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SSEN Transmission managing director Rob McDonald stated: “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, including the clean power by 2030 mission.
“In what is one of the largest investment programmes of all time in Scotland, this plan will also support tens of thousands of jobs across the country, turbo-charging the economy and delivering a transformational and lasting legacy for communities, the economy and nature.
“We now look forward to working constructively with Ofgem, government and wider stakeholders to ensure the future regulatory framework secures the investment required to support the nation’s ambitious goals and delivers the vast economic opportunities the clean transition presents.”
In October 2024, SSEN Transmission opened a new offshore hub in Inverness, Scotland.
The facility is anticipated to draw the supply chain to the Highlands and function as a collaborative space for all companies engaged in projects in the area.
