Capital expenditure on the “distribution network” would be required even without the net zero target. While this would include the cost of heat pumps to reach net zero, it would also include the cost of replacing gas boilers when they stopped working, even without net zero. Overall, most of the capital expenditure attributed by Mr Muirhead to net zero would be incurred by the energy system anyway. Even if the £4.4816 trillion figure was correct, the average annual figure would be £172.4 billion, not £182 billion. Reports have said that net zero will cost £4.5 trillion, £7.6 trillion – the list goes on.

Source: The Times February 20, 2026 16:50 UTC