UK energy regulator aims to toughen terms for network companies [Reuters (UK)]
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Source: Reuters
UK energy regulator aims to toughen terms for network companies | Reuters 4 Min Read LONDON (Reuters) - Britain’s energy regulator wants to trim 5 billion pounds from consumer bills over five years from 2021 by slashing the amount gas and electricity network firms can return to shareholders, it said on Wednesday. Rising energy bills have drawn increasing public criticism, prompting Prime Minister Theresa May promise an end to what she has called “rip off” gas and electricity bills. The government has introduced legislation to parliament to cap prices.. Under its proposals, Ofgem plans to cut the “cost of equity range”, or the amount network firms pay their shareholders, to 3 to 5 percent for the next regulatory period starting 2021, down from 6 to 7 percent now. “In total, we estimate this would result in savings of over 5 billion pounds for household consumers, or about 15-25 pounds per year on the dual fuel household bill, who pay for the network through their energy bills,” Ofgem s
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