Responding to Ofgem’s RIIO-ED2 Draft Determination

29/06/2022

Ofgem has today released its Draft Determination on our RIIO-ED2 Business Plan, in which we set out how we can enable the path to Net Zero through our Distribution network from 2023 to 2028.

Frank MitchellCommenting on the release of the Draft Determination, SP Energy Networks CEO, Frank Mitchell, said: “Ofgem’s Draft Determination on our RIIO-ED2 Business Plan follows a huge amount of work by our teams, alongside the most extensive engagement programme that we’ve ever conducted – where more than 19,000 customers and stakeholders helped to shape every aspect of our plan.

“Those customer and stakeholder voices were clear – we must be bold as we reimagine our network, and we must deliver a plan that supports the UK’s accelerated road to Net Zero and creates a green recovery that stimulates more high-quality jobs. That’s what we delivered in our plan.

“The importance of this plan can’t be overstated. At one level, our distribution grid is essential to connecting the renewable energy that will allow the UK to realise its ambitions of green energy security and this is achieved by enabling the communities we serve to meet their Net Zero goals through the decarbonisation of transport and heat.

“Our £3 billion plan for investment in our communities will deliver jobs, apprenticeships, economic benefits - and ultimately, make sure our country meets Net Zero targets. Importantly, our plan does all of that at a cost to the average customer of just 30p per day, keeping our component of customers’ bills broadly flat – and bringing them down in real terms over the next ten years.

“Following today’s announcement there’s still a lot of work to do and we’re reviewing the details to assess what needs to change in Ofgem’s final determination to make sure that our electricity networks can enable the country’s Net Zero ambitions.

“I look forward to working constructively with Ofgem over the coming weeks and months to make sure we get this right – for our customers and ultimately for the future of our country.”

The Draft Determination from Ofgem follows an extensive review and consultation period on our final business plan that was published in December 2021.

We will provide a full response to Ofgem’s Draft Determination at the end of August.

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