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LONDON - Britain’s energy regulator Ofgem has published its draft determination for National Grid ’s (LSE:LON:NG.) electricity transmission business covering the five-year period from April 2026 to March 2031, the company announced Tuesday.
The draft determination outlines Ofgem’s proposed decisions on awarding allowances for a subset of projects included in National Grid’s December business plan submission, with remaining projects expected to be confirmed through in-period processes.
National Grid said it continues to expect to invest approximately £60 billion across the Group over the five years to March 2029, maintaining its previous investment outlook despite the partial nature of the current determination.
The company acknowledged Ofgem’s recognition of the need for significant network investment and an investable framework to support delivery, but noted that "progress is needed on incentive opportunities" that benefit both consumers and support investability.
"We will now review the detail contained within the Draft Determination to assess whether it delivers an investable overall financial package," National Grid stated in its press release.
The company said it will continue working with Ofgem toward the Final Determination expected in December 2025, aiming to secure a price control agreement that ensures "reliable and affordable flow of clean electricity whilst also meeting the ramp-up in demand for power."
National Grid emphasized that a "resilient, future-proofed network will be critical to economic competitiveness and growth for Britain in the years ahead."
The RIIO-ET3 price control will set the framework for National Grid’s electricity transmission business operations and investments for the five-year regulatory period beginning in April 2026.
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