July 30, 2018 / 6:18 AM / 2 months ago

UK energy regulator gives go-ahead to National Grid for power grid upgrade

LONDON, July 30 (Reuters) -

* Britain’s energy market regulator Ofgem has given the go-ahead to National Grid to build a power grid upgrade to connect the new Hinkley Point C nuclear power station in Somerset.

* Ofgem said it will set the revenue National Grid can earn from the upgrade based partly on the regulator’s experience in tendering contracts to own new transmission links to offshore wind farms.

* Ofgem plans to deliver savings of more than 5 billion pounds ($6.6 billion) to consumers through tougher price controls for energy networks.

* The price controls set the revenue monopoly network owners can earn from charges to consumers. (Reporting by Nina Chestney, editing by Louise Heavens)

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