On November 20, Britain’s energy regulator, Ofgem (Office of Gas and Electricity Markets), announced it had initiated consultations on a proposed investment fund of up to £8 billion. The fund aims to support the country’s net-zero goals and assist energy transmission companies in reducing delays and costs.

Valued between £5 billion and £8 billion, the fund would enable transmission owners to pre-purchase essential equipment such as cables, switchgear, and steel, expediting project timelines.

Ofgem stated that the consultation would continue until December 18, and would support the government’s goal of achieving green energy by 2030 and its broader net-zero targets.

This consultation follows Ofgem’s announcement last month of plans to provide renewable energy storage developers with a guaranteed minimum income to encourage investment in technologies.

Ofgem emphasized that clear rules would make sure the fund is used exclusively for its designated purposes, and if there are any unused allowances, they will be returned to help minimize the impact on energy bills.