Ofgem proposes new price controls for local electricity networks

Britain's energy watchdog has proposed new price controls for electricity distribution network companies for the next five years, aiming to help deliver cheaper and cleaner local grids at no extra cost to consumers.

The new local electricity distribution price controls, which will run from 2023 to 2028, requires networks to focus the investment on supporting the move away from a high dependence on imported fossil fuels, regulator Ofgem said in a statement on Wednesday.

Price controls set the amount of money that can be earned by the companies which operate Britain's network operators over a set period of time.