Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Scotland-Yorkshire power link completes fast-track funding process
(Sharecast News) - The Eastern Green Link 2 (EGL2), a major electricity transmission project connecting Scotland and Yorkshire, has become the first to complete Ofgem's fast-tracked funding process under the Accelerated Strategic Transmission Investment (ASTI) framework. EGL2 involves constructing a 500-kilometre subsea and underground cable capable of powering up to two million homes, with a total investment of £3.4bn.
The regulator described the EGL2 project as a critical component of the UK's efforts to enhance its energy infrastructure and increase the grid's capacity for renewable energy.
The cable, which would transport 2GW of electricity, would run primarily under the North Sea between Peterhead in Aberdeenshire and Drax in North Yorkshire.
Ofgem said the ASTI framework expedited the funding process by up to two years, facilitating the faster delivery of offshore wind energy to consumers.
In addition to EGL2, Ofgem announced a proposed £294.8m funding allowance for the Yorkshire Green Energy Enablement project, which was designed to upgrade local electricity networks to handle increased energy generated by Scottish and North Sea wind farms.
That project was expected to be operational by 2027.
Ofgem also approved early construction funding for the North London Reinforcement Project and several other projects under Scottish Hydro Electricity Transmission (SHET), aimed at boosting electricity transmission capacity.
"Ofgem is fully committed to supporting the government to meet its aims of getting clean power by 2030," said the regulator's chief executive officer, Jonathan Brearley.
"Today's announcement is a further step in putting the regulatory systems and processes in place to speed up network regulation to achieve its aim."
Brearley said Accelerated Strategic Transmission Investment (ASTI) accelerates approval times for projects such as Eastern Green Link 2 (EGL2) by up to two years.
"However, streamlining the process does not mean blank cheques for developers as we are able to step in and make financial adjustments to maximise efficiency and consumer benefit."
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
