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The UK’s energy regulator, Ofgem, on Thursday said a new set of rules are granting early access to nearly $5.18 billion (£4 billion) of investment for crucial transmission equipment and services, which is expected to connect renewable energy projects to the grid quicker.Ofgem’s new Advanced Procurement Mechanism (APM) will unblock supply chains by allowing Britain’s electricity transmission owners (TOs) to buy essential equipment – such as switchgear, cables, and steel – years in advance of when it is needed. The process to unblock supply chains is expected to ensure that...

"Today's proposal aims to ensure that Member States can provide support – where needed – to accompany the ambitions of the Clean Industrial Deal without causing undue distortions of competition in the Single Market," Commission Executive Vice President Teresa Ribera said in a press release. The document said that considerable investment will be needed for Europe's decarbonization effort "and for which funds will need to be mobilised, mainly from private sources, but, where necessary, incentivised or complemented by public funds." It aims to attract "risk-averse" pension funds to such investments...