By Anthony O. Goriainoff

National Grid PLC (NG.LN) said Monday that it has submitted a business plan to the U.K.'s Office of Gas and Electricity Markets that includes total expenditure of 7.1 billion pounds ($9.32 billion) over the next five years.

The U.K. natural-gas and electricity-distribution services company said its gas transmission plan has a baseline total expenditure of GBP2.8 billion and entails an increase in asset health and cyber-related investments, as well as a program to test and prove hydrogen conversion options.

"With a growing societal focus on the speed of decarbonization and the challenges in meeting the U.K.'s 2050 net zero emissions target, the plans provide options for additional anticipatory investment to facilitate additional wind generation and develop a national electric vehicle rapid charging network," the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 09, 2019 03:06 ET (08:06 GMT)

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