UK: Ofgem Welcomes DECC’s Announcement on Energy Policy

Ofgem has welcomed DECC’s announcement on energy policy.

Ofgem’s Senior Partner for Markets Andrew Wright said: “Ofgem welcomes today’s announcement by DECC on the future of energy policy. We will continue to work constructively with Government to get the best outcome for consumers both now and in the future.

“Ofgem has played a key role in advising consumers and Government of the challenges Britain faces in attracting significant investment. In 2009 Project Discovery warned consumers that Britain’s energy industry faced an unprecedented challenge and concluded that changes to the current energy arrangements would be needed to deliver secure and sustainable energy supplies. It also highlighted that there would be an upward pressure on bills.

“In October this year Ofgem also warned of falling electricity margins. Today’s announcement confirms that Ofgem, working with National Grid, will continue to forecast how electricity margins develop over the next few years. Ofgem is also playing its part in attracting investment at a fair price for consumers through its RIIO price control process and is currently considering around £20 billion of investment in Britain’s energy networks having already approved £7 billion earlier this year in Scotland’s high voltage electricity network.” 

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Press release, November 26, 2012, Image: continental-lighting