The operators of Great Britain’s local energy networks will be forced to spend more of their profits on investing to future-proof the country’s electricity grid, after the regulator, Ofgem, said it would not allow any rises in household bills.
In a new set of price controls that will run from 2023 to 2028, the energy watchdog said it would keep costs to customers unchanged at about £100 a year.
Ofgem also said companies would still have to invest heavily in the British electricity system to ensure they were ready for the added demand expected as more homes and businesses opted for electric cars and electric heating.
To do this companies would have to invest a larger portion of their profits and slash operating costs.
The companies affected include Scottish and Southern Electricity Networks, Northern Powergrid, SP Energy Networks, Electricity North West, National Grid and UK Power Networks.
Source: The Guardian
