UK Regulator Cuts National Grid's Estimated Cost for Hinkley-Seabank Project by GBP60 Million
22 Maggio 2020 - 11:44AM
Dow Jones News
By Jaime Llinares Taboada
The Office of Gas and Electricity Markets, or Ofgem, confirmed
on Friday that it has cut the proposed cost of the Hinkley-Seabank
grid link project by 60 million pounds ($73.3 million) to save
consumers' money, as the expenditure planned by National Grid PLC
was deemed too high.
The U.K.'s government regulator for the gas and electricity
markets has decided that the total cost of the project will be
reduced to GBP656 million, compared with the GBP716 million
proposed by National Grid. However, this cut is lower than the
GBP80 million reduction originally proposed by Ofgem in
October.
The regulator said the cost will be spread over the next 45
years and that the rate of return that National Grid will get for
the delivery of the project will be set in line with the next round
of price controls.
National Grid shares at 0913 GMT were down 18 pence, or 2.0%, at
891 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 22, 2020 05:29 ET (09:29 GMT)
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