Electricity bills sent to UK homes are higher than they should be because the energy regulator has allowed electricity network companies to rake in bigger than expected profits, according to Whitehall’s spending watchdog. Households have paid at least £1bn more than necessary over recent years, according to the National Audit Office, because the regulator, Ofgem, was not tough enough on the electricity network companies. A report from the NAO, published today, found that the companies that run Britain’s regional electricity grids received extra profits because the regulator overestimated the cost of upgrading their networks by using out of date financial information. The regulator is tasked with keeping a tight rein on how much each firm can spend to limit how much they can claim back through energy bills. The typical cost of running the UK’s electricity cables and networks
Guardian 30th Jan 2020 read more »
British households could have saved £800m on their energy bills over eight years if electricity network companies had been regulated better, according to NAO.
FT 30th Jan 2020 read more »
Business Green 30th Jan 2020 read more »
The National 30th Jan 2020 read more »
Times 30th Jan 2020 read more »