Energy plans may cut £45 a year from bills

 

Energy regulator Ofgem is proposing to cut consumers' bills by £45 a year from 2021, largely by reducing the rate of returns to investors.

Ofgem wants to set the returns at 4% - about 50% lower than under the previous price controls - to save £30 a year.
The other £15 would come from November proposals to reform network charges.
Ofgem's plans for revising the energy system would also help customers benefit from new technology such as electric vehicles and renewables.
An Ofgem spokesman told the BBC: "In essence, we are basically reducing the amount of money firms can earn for transporting electricity and gas to your home."
The regulator also wants to offer incentives for electric vehicle owners to be able to charge their cars outside the evening peak time - potentially with a smart charger while parked at work.
And it wants to bring in a new system to make more efficient use of grid capacity, possibly by sharing it between different users.

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