Asked by: Steve Barclay (Conservative - North East Cambridgeshire)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether there will be increases to the projected costs of the Grimsby to Walpole project.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
Ofgem assesses electricity transmission investment through its price control framework and decides the efficient costs that can be recovered from consumers. The Government does not assess project costs.
Network companies must manage cost pressures and justify any proposed expenditure or changes to Ofgem, who scrutinises these costs and considers them alongside the benefits of investment, including increased network capacity and lower constraint costs.
The Government and Ofgem are committed to ensuring that the investment needed for a secure, reliable and clean electricity system is delivered at the lowest reasonable cost to consumers. This approach supports timely delivery while maintaining rigorous regulatory oversight.