HOUSEHOLDS will increasingly plunge into darkness due to power blackouts as Ofgem plans to cut investments, National Grid’s boss has claimed.
Chief executive John Pettigrew fears power lines across the country will “decay” after the energy regulator rejected the firm’s idea to charge consumers for replacing them.
According to The Times, the utility group, alongside SSE and Scottish Power, is in a row with Ofgem over plans that would halve the returns they make from investing in energy infrastructure and cancel billions of pounds worth of investments.
National Grid had proposed spending roughly £10billion on its networks over the next five years, but this has been halved under Ofgem’s draft plan.
Of the £10billion spend, National Grid had planned to use £3billion for existing electricity networks, but the regulator cut this spend by 80%.
Network companies’ spending is funded through consumer bills, which have to be approved by the regulator beforehand.