A MASSIVE £28 billion investment for Britain’s energy grid set to increase average household bills by £108 must come with proper scrutiny to prevent private equity rip-offs, fuel poverty campaigners said today.

Energy regulator Ofgem announced the investment as it gave its final verdict on price control for energy network firms over the next five years.

It said the higher investment level will see £17.8bn spent on gas transmission and distribution networks in the five years to 2031, with a further £10.3bn used to strengthen Britain’s high-voltage electricity network.

But Ofgem added that households will see the network charges on bills — which make up around a fifth of average annual energy costs — surge by £108 to £330 by 2031 to cover the cost of the extra investment, up from the £104 rise estimated in its draft verdict in July.

The regulator said this will include £48 for gas networks and £60 for the electricity grid.

Greenpeace said that the upgrades to the network were vital but called on Ofgem to make sure they delivered “genuine value for money,”

End Fuel Poverty Coalition co-ordinator Simon Francis said that while upgrades to Britain’s energy grids are needed to ensure a reliable energy supply and to help homes benefit from renewables as they come online, “that shouldn’t mean signing a blank cheque for network and transmission companies. These vast sums of essentially public money must come with proper scrutiny and guarantees for consumers.

“These firms have already made billions in profits during the energy crisis, with significant returns flowing to offshore investors and so-called ‘vampire funds’.

“Households can’t keep footing the bill while private equity profits. Every penny added to customers’ bills must be spent delivering clear value for money and actively helping to reduce the cost of energy in the long-term and ensure energy security.”

The Department for Energy Security and Net Zero said spending to improve energy networks was essential and stressed the government was offering support with costs by cutting £150 off power bills next April.

Chancellor Rachel Reeves announced in last week’s Budget she would do this by scrapping the Energy Company Obligation scheme introduced by the Tories in government.