£20million net zero foundation fund
Posted on 4th January 2022
UK Power Networks has launched a Foundation to support communities during the move to net zero carbon emissions.
The fund is part of the company’s £4.6billion business plan for 2023 to 2028 that has been submitted to the industry regulator, Ofgem.
There are approaching 1million customers in London, the East and South East who are struggling to pay their energy bills. The company’s approach is to reduce its part of their energy bills and to target investment to make the biggest difference and to help the most vulnerable.
The new Foundation will include £9million to help 500,000 customers who are experiencing or at risk of fuel poverty. The remaining £11million will help vulnerable customers during the transition to net zero. The company wants to make sure these customers only need to register once for the free extra help available under Priority Services, through new automated links with other utility companies.
The plan also includes:
a 15% reduction in the company’s part of energy bills alongside increased investment in its networks to achieve net zero at the lowest cost
approaches that will allow people to use low carbon technologies such as electric vehicles (EVs) and heat pumps, and support for chargepoint installers to connect rapid EV chargers every 30 miles across its region
co-development of a Local Area Energy Planning framework working with regional authorities, helping 127 local councils to create practical plans
a new £12million Digital Skills Academy to build best-in-class specialist energy systems and to develop digital skills, including leadership and management, and 200 industry-accredited apprenticeships
a new Social Contract bringing together all its environmental commitments in one place and updating its Articles of Association to embed its public interest commitment.
An environmentally-responsible network operator
UK Power Networks says it intends to be a respected and trusted corporate citizen that acts in the best interests of the customers and the communities it serves. The new initiative gives the flexibility to adapt so that new technology can be used, regardless of the speed and scale of adoption by the public.
You can see the whole business plan online.
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