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Response to Ofgem's Final Determinations 2021-26 price control RIIO-2

The energy regulator Ofgem yesterday published their final determinations on the 2021 – 26 price control or also known as RIIO-2. The regulator has developed a package of £40 billion in investment. The determination has a strong focus on the transition to net zero with an emphasis on maintaining a reliable system and protecting vulnerable customers. Around £3.6 billion of funding will be released supporting the growth of green energy and the facilitation to net zero. In terms of green energy growth, much of this will go directly towards connecting new low carbon generation.

The regulator has recognised the need to invest in grid reinforcement and flexibility to support a net zero power system. Limiting returns will hopefully encourage companies to engage more with tech companies and identify the right technologies at network level that allow for more flexibility. This would in return see lower bills and higher benefits for consumers.

It will be prudent in the coming year to monitor and work with members to ensure that the determinations are delivering on Ofgem’s Decarbonisation Action Plan, the Prime Minister's Ten Point Plan for a Green Industrial Revolution, and the 6th Carbon Budget.  

techUK also welcomes the additional £10bn of net zero investment, which could be unlocked during the price control, to help make new ideas a reality, and adjust to any changes across policy, technology, and the markets. We will continue to work with our members and Government in providing strong evidence on the impact of digitalisation and emerging technology solutions to see the benefits of that investment.

 

Channel website: http://www.techuk.org/

Original article link: https://www.techuk.org/resource/response-to-ofgem-s-final-determinations-2021-26-price-control-riio-2.html

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