Energy Regulation - Ofgem tells energy firms to invest without increasing bills

OFGEM has reviewed the way in which the energy network is being run and have announced that those companies responsible for managing local networks, including Scottish and Southern Electricity Networks, Northern Powergrid, SP Energy Networks, Electricity North West, National Grid and UK Power Networks, must re-invest their profits back into improving their services.

It is hoped that this will see over £22bn being invested, although the firms had argued for an even higher level of investment.

This has disappointed some though, who'd argued that these companies should face a more stringent form of price capping in order to reduce energy bills. These new controls are in place for the next 5 years, running from 2023 to 2028.

In related news, Octopus Energy's takeover of Bulb is going to be contested. Presumably because the competitors think that Octopus is getting 1.6 million customers on the cheap.