British energy regulator proposes to control electricity prices

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Britain’s energy watchdog has proposed price controls for electricity distribution companies over the next five years, a mechanism the regulator says will deliver cheaper, cleaner energy at no extra cost to consumers.

The controls, which will apply from April 1, 2023 to 2028, require six companies operating electricity distribution networks to focus their investments on reducing dependence on imported fossil fuels, regulator Ofgem said in a statement on Wednesday.

Businesses and households across Europe have been hit by a surge in energy prices that began when the world emerged from COVID-19 lockdowns and then skyrocketed in February as a result of the invasion of Ukraine by top gas exporter Russia.

“Today’s planned investments bring value to consumers, ensure security of supply and help the UK no longer be at the mercy of international energy prices or geopolitical developments,” said Akshay Kaul, Acting Director of Ofgem’s Infrastructure and Security of Supply Group.

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