UK Electricity Regulator Reduces Investment Allowance To Lower Bills

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.

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).

-Write to Rory Gallivan at; Twitter: @RoryGallivan

(END) Dow Jones Newswires

September 15, 2017 02:40 ET (06:40 GMT)