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29/11/2004
OFGEM announces increase in distribution charges
Ofgem has announced today that electricity distribution charges are set to rise by 1% next year.
The move means that customers will pay an extra 6p on their average monthly household bill. For the following four years Ofgem said that distribution charges will be commensurate with the rate of inflation.
Ofgem Chief Executive Alistair Buchanan explained that the current local electricity distribution network was set up just after the war with an estimated lifespan of between 50 and 60 years. Much of this infrastructure is now due for renewal and the price increases announced form part of the electricity distribution price control package introduced by Ofgem.
Ofgem chairman John Mogg said. "We have produced a package of measures that strikes the right balance between attracting investment and ensuring that customer prices are no higher than they need be."
This latest price hike comes at the end of a year which has seen a number of gas and electricity price increases for consumers after oil prices hit record highs earlier this year. The 1% increase is an average figure and in the coming months some electricity firms are expected to raise charges while others will cut them.
Meanwhile, wholesale gas prices have soared and the Engineering Employers' Federation (EEF) confirmed that UK users are paying a 25% higher bill than European customers.
Director General Martin Temple said that the EEF did not accept that huge increases in crude oil bills were responsible for the marked increase in gas charges.
He warned that such charges would place Britain "at a serious competitive disadvantage with our EU competitors".
(mmcg/sp)
The move means that customers will pay an extra 6p on their average monthly household bill. For the following four years Ofgem said that distribution charges will be commensurate with the rate of inflation.
Ofgem Chief Executive Alistair Buchanan explained that the current local electricity distribution network was set up just after the war with an estimated lifespan of between 50 and 60 years. Much of this infrastructure is now due for renewal and the price increases announced form part of the electricity distribution price control package introduced by Ofgem.
Ofgem chairman John Mogg said. "We have produced a package of measures that strikes the right balance between attracting investment and ensuring that customer prices are no higher than they need be."
This latest price hike comes at the end of a year which has seen a number of gas and electricity price increases for consumers after oil prices hit record highs earlier this year. The 1% increase is an average figure and in the coming months some electricity firms are expected to raise charges while others will cut them.
Meanwhile, wholesale gas prices have soared and the Engineering Employers' Federation (EEF) confirmed that UK users are paying a 25% higher bill than European customers.
Director General Martin Temple said that the EEF did not accept that huge increases in crude oil bills were responsible for the marked increase in gas charges.
He warned that such charges would place Britain "at a serious competitive disadvantage with our EU competitors".
(mmcg/sp)
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