UK utility regulator strikes at power monopolies

UK utility regulator Ofgem plans to reduce electricity and gas monopolies' baseline rate of return in a move meant to save consumers GBP 6 billion over the coming five years, reports Financial Times.
Photo: Ritzau Scanpix/Henning Bagger
Photo: Ritzau Scanpix/Henning Bagger

The UK's utility regulator and public energy sector watchdog, the Office of Gas and Electricity Markets (Ofgem), wants to reduce the maximum earnings level for electricity and gas companies. According to Ofgem, such a reduction would save UK consumers around GBP 6 billion over the next five years, reports Financial Times.

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