Around 1,000 jobs could be created and electricity prices slashed if plans by Northern Powergrid are given the go-ahead by industry regulator, Ofgem.
The electricity distributor, which serves 3.9m customers across the North East, Yorkshire and north Lincolnshire, pledges an average 11% price reduction regionally in the share it takes from utility bills, as well as huge employment opportunities, as it continues to invest in its network.
The proposals are outlined in the company’s business plan for 2015 to 2023, which also promises fewer power cuts and faster connection times.
The plans are awaiting approval from the regulator, with a decision expected later this year. It will, though, be up to electricity suppliers to decide if savings are passed on to customers.
Other promises set out in the plan include investing more than £3bn into the regional economy over the eight-year period and continuing innovative projects involving smartgrids – solutions to optimise the costs of connecting expected low-carbon technologies in the short term.
Northern Powergrid will likewise continue to work on schemes involving internet services, smart meters – which provide daily feedback on utility usage – and initiatives aimed at contributing to the wider social agenda.
Northern Powergrid chief executive Phil Jones said: “Our plan offers customers more for less.
“We listened to what our customers think about how we should be running our business as we put this plan together and I believe we have produced a well-balanced set of proposals, many of which exceed the standards set out by our regulator.
“We recognise that we have a special responsibility to provide an essential, safe and reliable service, and I’m extremely proud to say that from 2015 we will see prices come down.
“Our substantial investment in the network will continue with £3bn being injected into the regional economy over the eight-year period, as will our ground-breaking innovation projects, our promise to speed up connections times and the creation of jobs for people to make a career in our industry.”
We listened to what our customers think about how we should be running our business