Ofgem proposals to cut annual energy bills
The regulator has proposed settlements with five of the six companies that run Britain’s local electricity network, which transports energy into homes and businesses. The proposals would see the network companies spend £17bn to upgrade and maintain local electricity networks, slashing bills by an average of £12 per year for the eight-year period of control.
The proposals, which are now up for consultation, are expected to come into effect in April 2015 and run until 2023.
Dermot Nolan, Ofgem chief executive, said: “As energy regulator, a core part of our role is to set price controls for these monopoly network companies. This is the only part of the energy bill Ofgem directly controls and our plans today will deliver better customer service and efficient investment at a lower cost for the customer.”