LONDON - Britons could see a 6 billion pound cut in energy bills over five years from 2021, saving the average household 40 pounds per year, under plans to curb what gas and electricity network firms can pay shareholders.
Regulator Ofgem, which introduced a price cap on standard energy bills in January after lawmakers said customers were being overcharged, is now targeting the operators whose network fees make up around a quarter of British household energy bills. Ofgem said it plans to cut the amount network firms pay their shareholders, known as the “cost of equity range” by almost 50% for the next regulatory period starting in 2021.
“Our proposals are on track to deliver a tough, fair settlement that strikes a better deal for consumers,” Ofgem executive director for systems and networks Jonathan Brearley said as the regulator announced its plan on Friday.
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