Ofgem Removes National Grid's Funding Allowance
04 August 2017 - 6:44PM
Dow Jones News
By Razak Musah Baba
LONDON--U.K. energy regulator Ofgem has decided to remove
National Grid PLC's (NG.LN) 277.5 million pound ($357.4 million)
funding allowance after the electricity and gas utility said it
doesn't expect to incur further expenditure.
Earlier this year, National Grid said it won't need to take an
allowance Ofgem had earmarked for network investment. The company
said that after reviewing its needs it had volunteered to defer
GBP480 million worth of allowances.
The allowance, known as RIIO-T1, is intended to promote
effective services for energy consumers.
At 0805 GMT, National Grid shares were down 1 pence, or 0.1%, at
957 pence, valuing the company at GBP32.76 billion.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
August 04, 2017 04:29 ET (08:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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