Five of the nation’s six network companies will be spending £17 billion to maintain their electricity lines and connect small renewable energy projects to the grid.
Ofgem announced on Friday it rubberstamped the cash after first sending the firms back to the drawing board to shave £2.1 billion off their plans.
Electricity Northwest, Northern Powergrid, UK Power Networks, SP Energy Networks and SSE Power Distribution are five of the companies which run local networks.
They must set their spending for the next eight years, a process known as the RIIO price control, as they are meant to show they are providing value for money.
Taken together with Western Power Distribution which had its price controls agreed early, the total spend on Britain’s local electricity network over the next eight years will be £24 billion.
Dermot Nolan, Ofgem Chief Executive said: “[The] plans represent good value for consumers. There will be significant investment in Britain’s electricity network and reduced pressure on bills. Ofgem expects network companies to step up and take a more visible and active role in helping customers, particularly the most vulnerable.”