LONDON – The U.K.'s energy regulator Ofgem Friday said it is reducing the amount electricity distribution network operators can spend on their networks up to 2023 by 200 million pounds ($268 million), a move it said will result in lower energy bills for households.
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Ofgem said the reduction is possible electricity providers have had to invest less money than expected on their infrastructure due to electricity demand being lower than predicted.
The move affects electricity providers including SSE PLC (SSE.LN) and Scottish Power, a subsidiary of Spain's Iberdrola S.A. (IBE.MC).
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(END) Dow Jones Newswires
September 15, 2017 02:40 ET (06:40 GMT)