Ofgem Publishes 17 Billion-Pound Investment Power PlanLouise Downing
Ofgem, Britain’s energy regulator, today published final plans for 17 billion pounds ($26.7 billion) of investments to maintain U.K. electricity networks and connect cleaner, small-scale power plants to the grid.
The plans on what five of the six companies that run Britain’s local electricity network can charge customers starting April 2015 are in line with draft proposals that Ofgem published in July. With Western Power Distribution LLP’s prices agreed on earlier, the network investments over the next eight years will total 24 billion pounds, it said in a statement.
“Today’s plans represent good value for consumers,” Ofgem Chief Executive Officer Dermot Nolan said. “There will be significant investment in Britain’s electricity network and reduced pressure on bills.”
The plans mean customer bills will be reduced by an average of 11 pounds a year, according to the statement.
“Ofgem expects network companies to step up and take a more visible and active role in helping customers, particularly the most vulnerable,” Nolan said.