| 03-11-09 |
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AFX UK Focus |
LONDON, Nov 3 (Reuters) - British electricity network operators should push ahead with extra investments of up to 1 billion pounds ($1.63 billion) to connect renewable energy sources to the grid by 2012, UK energy regulator Ofgem said on Tuesday.
Britain's three electricity transmission companies, including National Grid, expect to invest 5 billion pounds in transmission projects over the next 10 years.
But Ofgem is worried the companies might hold back on investing in infrastructure needed to connect wind farms and other clean energy projects until current controls on their investment spending run out in 2012.
So the regulator plans to let them spend up to an extra 1 billion on key new project over the next two years.
"This is needed urgently to handle the growth in wind power and other renewable generation that is arising from Britain's drive to curb climate changing emissions," Ofgem chief executive Alistair Buchanan said in a statement.
About 90 percent of the investment is earmarked for Scotland where most wind projects are.
The announcement means Scottish & Southern, which operates the transmission network in northern Scotland, could invest 200 million pounds in three upgrade projects from next year, the company said in a statement.
National Grid welcomed the investment approval from Ofgem but said uncertainty still remained for projects where construction needs to start in 2011/12.
"We are still in need of a comprehensive framework that puts strong incentives on the transmission companies to make the right investments in an economic and efficient manner," it said.
Ofgem is close to concluding its review of the 20-year-old incentive scheme that ties expenditure to inflation under a regime designed to limit the cost to consumers.
The remaining 80 percent of the expected decade-long investment programme will fall under new regulatory controls which come into effect from 2012.
(Reporting by Victoria Bryan, additional reporting by Daniel Fineren)
($1=.6140 Pound) Keywords: OFGEM GRID/
(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
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RNS Number : 8803B
National Grid Gas PLC
03 November 2009
Publication of Final Terms
The following final terms has been approved by the UK Listing Authority and is available for viewing:
Final Terms in relation to National Grid Gas plc's issue of EUR 100,000,000 Floating Rate Instruments due 2014 under the National Grid Gas plc / National Grid Gas Finance (No 1) plc Euro 10,000,000,000 Euro Medium Term Note Programme
To view the full document, please paste the following URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/8803B_1-2009-11-3.pdf
For further information, please contact:
Andrew Kluth
Assistant Treasurer
National Grid plc
1-3 Strand
London WC2N 5EH
Tel: +44 20 7004 3365
Fax: +44 20 7004 3363
Clive Hawkins
Media Relations
National Grid plc
1-3 Strand
London WC2N 5EH
Tel: +44 20 7004 3147
Fax: +44 20 7004 3167
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus for the National Grid Gas plc Euro 10,000,000,000 Euro Medium Term Note Programme dated 24 February 2009) only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Final Terms you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
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| 03-11-09 |
|
AFX UK Focus |
LONDON, Nov 3 (Reuters) - British electricity network operators should push ahead with extra investments of up to 1 billion pounds ($1.63 billion) to connect renewable energy sources to the grid by 2012, UK energy regulator Ofgem said on Tuesday.
Britain's three electricity transmission companies, including National Grid, expect to invest 5 billion pounds in transmission projects over the next 10 years.
But Ofgem is worried the companies might hold back on investing in infrastructure needed to connect wind farms and other clean energy projects until current controls on their investment spending run out in 2012.
So the regulator plans to let them spend up to an extra 1 billion on key new project over the next two years.
"This is needed urgently to handle the growth in wind power and other renewable generation that is arising from Britain's drive to curb climate changing emissions," Ofgem chief executive Alistair Buchanan said in a statement.
About 90 percent of the investment is earmarked for Scotland where most wind projects are.
The announcement means Scottish & Southern, which operates the transmission network in northern Scotland, could invest 200 million pounds in three upgrade projects from next year, the company said in a statement.
Ofgem is close to concluding it review of the 20-year-old incentive scheme that ties expenditure to inflation under a regime designed to limit the cost to consumers.
The remaining 80 percent of the expected decade-long investment programme will fall under new regulatory controls which come into effect from 2012.
(Reporting by Victoria Bryan, additional reporting by Daniel Fineren) ($1=.6140 Pound) Keywords: OFGEM GRID/
(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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| 03-11-09 |
|
RNS |
This news article is displayed preformatted as it may contain results tables
RNS Number : 8719B
National Grid Gas PLC
03 November 2009
Publication of Final Terms
The following final terms has been approved by the UK Listing Authority and is available for viewing:
Final Terms in relation to National Grid Gas plc's issue of HKD 383,000,000 Fixed Rate Instruments due November 2019 under the National Grid Gas plc / National Grid Gas Finance (No 1) plc Euro 10,000,000,000 Euro Medium Term Note Programme
To view the full document, please paste the following URL into the address bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/8719B_1-2009-11-3.pdf
For further information, please contact:
Andrew Kluth
Assistant Treasurer
National Grid plc
1-3 Strand
London WC2N 5EH
Tel: +44 20 7004 3365
Fax: +44 20 7004 3363
Clive Hawkins
Media Relations
National Grid plc
1-3 Strand
London WC2N 5EH
Tel: +44 20 7004 3147
Fax: +44 20 7004 3167
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus for the National Grid Gas plc Euro 10,000,000,000 Euro Medium Term Note Programme dated 24 February 2009) only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Final Terms you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
Your right to access this service is conditional upon complying with the above requirement.
This information is provided by RNS
The company news service from the London Stock Exchange
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