A new report says London needs to plan now if it’s to guarantee the reliable supply of electricity needed to support the anticipated growth of business over the next 20 years.
The Greater London Authority estimates London will see a 20% growth in employment by 2032 and will require up to 3 million square metres of new office space.
Published by the City of London, London First and the City Property Association, the report says increased investment in electricity networks is essential in meeting the energy demands this growth will create.
It also calls for reforms to encourage network operators “to invest in infrastructure ahead of need” and closer co-operation between developers, businesses, the network operator and Ofgem in planning for London’s future.
Stuart Fraser, Policy Chairman of the City of London Corporation, said: “We can only safeguard London’s competitive position as the location of choice for international business if we get this right.
“London cannot afford to run the risk of being perceived as a less attractive option for internationally mobile firms.”
The report has been welcomed by energy distributor UK Power Networks.
Mark Adolphus, Director of Connections, commented said his company “is committed to playing its full part in ensuring London is the world’s leading capital for investment, employment and a great place to live.”
Adolphus added: “We are currently investing £127million this year in London’s electricity infrastructure. UK Power Networks continues to work closely with developers and other key stakeholders and we are looking to build on this through the creation of a number of engagement forums with the aim of improving communication and helping us shape our future business plans.”