Power firm profits 'too high' as Ofgem 'lets energy firms 'pick the pockets of bill payers'

The plan, which starts in April and runs until 2028, requires six companies to focus investment towards ‘more homegrown, cleaner, cheaper and secure sources of energy’ has challenged the UK’s electricity distribution companies to deliver cheaper and cleaner electricity at no extra cost to consumers.

The total allowed expenditure for the six companies was around £22bn, Ofgem said, adding that it expected the proposal to increase the use of renewables, including wind and solar energy, backed up by expanded nuclear and hydrogen-generated energy. The companies must recover the investment costs through the network charges on consumer bills and by limiting network profits and increasing efficiencies. Ofgem claims it has ensured this investment can be delivered without any increase on bills, which will remain at an average of £100 per year per bill payer.

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