Ofgem has today (July 16th) announced proposals to upgrade Britain's gas and high-voltage electricity networks at a cost of up to £22 billion.
Initial funding of £17 billion will be made available, with a further £5 billion of capital potentially released over the course of the price control period between 2013 and 2021.
The money would be used to fund major projects such as new sub-sea electricity cables linking England and Wales with Scotland and the gas mains replacement programme.
It is estimated that around 7,000 jobs will be created - mainly in the construction supply chain.
"Britain faces an unprecedented need to invest to replace ageing infrastructure, meet environmental targets and deliver secure supplies," said Ofgem chairman Lord Mogg.
"This needs to be carried out at a time of global financial uncertainty, which makes attracting investment difficult but possible."
The eight-week consultation on the plans will open on July 27th.
Author: Editor Gavin Pearson (email@example.com or 0207 202 0255)