The head of Britain’s energy regulator has sought to defuse a row with network companies including National Grid over permitted profits, after being accused of risking blackouts and the country’s climate ambitions, reported the Financial Times.
Jonathan Brearley, the new chief executive of Ofgem, has been the target of fierce criticism from energy network groups since July, when the regulator proposed to cut the annual rate of return such businesses would be allowed to make from April to 3.95%. This is the lowest level since privatization, and nearly half the rate permitted under the current regulatory regime, which has been in place since 2013.
Ofgem also proposed to cut network companies’ spending plans by £8 billion (US$10.43 billion), leading to industry suggestions that the regulator was threatening jobs at a time the government was hoping to encourage a “green recovery.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI