Britain's Ofgem will invest $425 million in electric vehicle infrastructure

Britain's energy market regulator Ofgem said on Monday it will invest 300 million pounds ($425 million) in more than 200 low-carbon infrastructure projects to prepare the country for more electric transport and heat.

The investment will be delivered in the next two years and is part of a 40 billion pound investment plan to ensure Britain can move to low-carbon transport and heating while maintaining secure energy supplies.

Britain will ban the sale of new petrol and diesel cars from 2030 as part of its goal of cutting emissions to net zero by 2050. But as drivers switch from petrol and diesel to electric, Britain’s cables, substations and other infrastructure need a massive upgrade to support new demand for electricity.

As part of its funding package, Ofgem said motorway service areas and trunk road locations across the country will get the cables they need to install 1,800 new ultra-rapid charge points for electric vehicles, which will triple the current network.

A further 1,750 charge points will also be supported in towns and cities. Increased network capacity will be built to support more charge points, more renewable energy generation and more electric heating for homes and businesses, Ofgem said.