ENA blasts Unite the Union’s claim of profiteering as it predicts £13.8bn benefits from network innovation

The Energy Networks Association predicts 119 innovation projects launched in 2024-5 across the UK will generate £13.8bn in savings and revenue, as it defends the industry against Unite the Union’s accusations of profiteering.

ENA’s  Annual Innovation Summary Report, presented at ENA’s Energy Innovation Summit in Glasgow, proves that “Innovation is delivering real, measurable value for customers and the energy system”, according to Head of Innovation Dan Clarke.

He added: “The £13.8 billion in savings and revenue shows how forward-thinking projects, like AI-driven cyber resilience and advanced cable monitoring, are helping us build a smarter, more secure and sustainable electricity network at the best value to energy customers.”

Union report “misleading”

Meanwhile, the ENA has mounted a robust defence against a Unite the Union claim that UK energy companies are making £30 billion a year in profits.

ENA CEO Lawrence Slade said: “Unite’s report gives a fundamentally misleading picture of the UK’s energy system by cherry picking figures and ignoring the long-term nature of network investment.

“By upgrading the grid to meet future energy demands, network operators are enabling long term growth, with the overall clean energy transition representing an estimated £83bn economic boost to the country.

“Britain’s energy networks are investing over £100 billion between 2021 and 2031 to modernise the grid, connect clean, secure, affordable energy and support economic growth.

“Returns are tightly regulated at around 5%, helping keep one of the world’s most reliable electricity systems running for 28 million customers, supporting 26,000 jobs and 1,500 apprenticeships – at around 60p a day on the average bill.”