Dow Jones Newswires: U.K. energy regulator sets out network prices, five-year investment package

by | Nov 30, 2022 | Stock Market

By Joe Hoppe U.K. energy regulator Ofgem set out Wednesday new local electricty-network price controls for 2023 to 2028, and said it has a five-year investment package for six electricity distribution network companies. Ofgem said the investment packages for the companies, which cover 14 local networks, will help deliver cheaper, cleaner and more reliable local grids at no extra cost for consumers.

The networks are expected to provide more benefits by lowering returns to investors and driving more efficiencies within their companies. A key requirement of the plan will be for networks to focus investment on supporting the shift away from heavy dependence on fossil fuels, toward more homegrown sources of energy. The potential for renewable-energy sources will require changes in the way energy is used and stored to access their benefits, such as boosting grid capacity, and the new price control will allow for the scale of investment required without adding to bills, Ofgem said. “The investment set out today delivers value for consumers, safeguards security of supply and helps ensure Britain is no longer at the mercy of international energy prices or geopolitical events,” said Akshay Kaul, Ofgem interim director for infrastructure and securi …

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