Richard Neudegg, head of regulation at Uswitch.com, comments: “The amount of profit that network companies have been allowed to make in recent years has been a matter of significant controversy, given our energy suppliers have to pass on these charges to our bills.
“Ofgem has to balance making sure these monopoly companies can’t take too much profit out of the system, with the need to allow them to invest in things that will make our energy network greener. Transforming the energy system to contribute to meeting net zero emissions by 2050 will not come cheap.
“Ofgem’s proposal would lead to a big cut in network company returns, but most of this will go into green investment. The net impact on consumer bills should be £20 a year in 2021.
“Ofgem suggests a £25 billion investment could go on a variety of projects, such as developing motorway charging networks for electric vehicles and connecting new renewable energy sources to the grid.
“There is still some way to go in Ofgem finalising these proposals, but these are a step in the right direction.”
FOR MORE INFORMATION
Ross Stebbing
Phone: 07827 836 709
Email: ross.stebbing@rvu.co.uk
Twitter: @UswitchPR
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