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Ofgem: Electricity bills to be cut by £12 a year | Ofgem: Electricity bills to be cut by £12 a year |
(about 2 hours later) | |
Millions of electricity customers will see an average reduction of £12 a year on their bills, according to proposals from the regulator, Ofgem. | Millions of electricity customers will see an average reduction of £12 a year on their bills, according to proposals from the regulator, Ofgem. |
From April 2015 it plans to limit the prices that can be charged by Britain's six distribution companies, which carry power to homes and businesses. | From April 2015 it plans to limit the prices that can be charged by Britain's six distribution companies, which carry power to homes and businesses. |
The curbs will affect 29 million English, Scottish and Welsh customers. | The curbs will affect 29 million English, Scottish and Welsh customers. |
Ofgem's plans will also see the distribution companies spend £17bn to upgrade their networks. | Ofgem's plans will also see the distribution companies spend £17bn to upgrade their networks. |
The distribution element makes up about 8% of a typical dual-fuel bill and is part of the network costs controlled by Ofgem. | |
"Today's announcement is all part of Ofgem's consistent drive to get the best deal for consumers, while maintaining a stable regulatory regime which attracts investment as cheaply as possible," said Dermot Nolan, the regulator's chief executive. | "Today's announcement is all part of Ofgem's consistent drive to get the best deal for consumers, while maintaining a stable regulatory regime which attracts investment as cheaply as possible," said Dermot Nolan, the regulator's chief executive. |
Five out of the six network companies - UK Power Networks, Northern Power Grid, SP Energy Networks, SSE Power Distribution and Electricity North West - were ordered to cut their prices. | Five out of the six network companies - UK Power Networks, Northern Power Grid, SP Energy Networks, SSE Power Distribution and Electricity North West - were ordered to cut their prices. |
Only one, Western Power Distribution, had its pricing and investment plans approved by Ofgem. | Only one, Western Power Distribution, had its pricing and investment plans approved by Ofgem. |
The new prices will apply for eight years, from April 2015 until 2023. | The new prices will apply for eight years, from April 2015 until 2023. |
Ofgem will announce a final decision on the proposals in November after carrying out a consultation. | Ofgem will announce a final decision on the proposals in November after carrying out a consultation. |
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