Ofgem receives 5bn Pound injection

OFGEM - Story

London, England— (METERING.COM)—June 27, 2006 – National Grid Gas, National Grid Electricity, Scottish Power and Scottish Hydro-Electric, owners of Britain’s gas and electricity transmission networks, have been authorized by regulator Ofgem to invest up to 5bn pounds in order to meet the country’s energy needs for the next five years.

The amount, more than double that spent over the past five years, falls far short of the 6.9bn pounds the four companies reportedly need to spend in order to meet energy demands.

The impact of the proposals on customer bills is likely to be minimal, as transmission costs make up just 3% of a household electric bill, and 2% of a gas bill.