The biggest electricity grid investment in British history has been approved, paving the way for an electricity superhighway, the energy regulator announced. The £3.4bn project will transport energy from Scotland to Yorkshire, helping support offshore wind development and powering two million homes and businesses for an hour, regulator Ofgem said. Money blog: Heinz urged to bring back classic snack It will comprise 436 kilometres of undersea cable and will cost £4.
The superhighway is just the first of 26 'critical' energy projects in Ofgem's fast-track funding process for offshore wind. Under expedited funding plans Ofgem said it can sign off on necessary grid investments by two years more quickly than other infrastructure proposals.
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