Ofgem has accepted Cadent’s offer to refund £54 million in allowances for its 2013-2021 price control.
Cadent, formerly National Grid Gas Distribution, owns the gas distribution networks in North London, Central England, the East of England and North West England.
Ofgem sets price controls for Britain’s energy network companies. Ofgem consulted on Cadent’s offer and has now decided to reduce Cadent’s allowances by £54m. This follows Ofgem’s mid period review of the 2013-2021 gas distribution, gas transmission and electricity transmission price controls. It is in addition to the £185m reduction in National Grid’s allowances which has already been announced under this mid-period review.*
Cadent offered to waive £54 million of allowances for some investment it will no longer be making in its Central London gas network during the current price control.
*You can find our press release on our previous decision below:
Ofgem reduces National Grid’s spending allowances for its transmission price controls.
For further information, contact:
Chris Lock: 0207 901 7225 / 07766 511470
Martin Young, head of investor relations: 07388 384225
Ofgem is the independent energy regulator for Great Britain. Its priority is to make a positive difference for consumers by promoting competition in the energy markets and regulating networks.
For facts, figures and information about Ofgem’s work, see Energy facts and figures or visit the Ofgem Data Portal.