30 November 2022

Ofgem's RIIO-ED2 Final Determination published

Ofgem has today published its Final Determination for the RIIO-ED2 framework covering our National Grid Electricity Distribution regulated businesses for the period April 2023 to March 2028.

We will now review in detail the full package contained within the Final Determination to see whether it incentivises sufficient investment to ensure safe, secure and reliable supply of electricity alongside the need to help transition to a low carbon domestic energy system, at the lowest cost to customers.

We expect Ofgem to publish its statutory consultation on the proposed licence modifications required to implement the Final Determination in December. The consultation period will be followed by a period for Ofgem to consider responses, at the end of which Ofgem will publish its decision to modify the licences. Given the expected timeline, we anticipate that we will make a decision on whether to accept or appeal the licence modifications by February 2023.

Enquiries and contacts

Investors and Analyst:

Nick Ashworth                                    +44 (0) 7814 355 590

Angela Broad                                      +44 (0) 7825 351 918

James Flanagan                                 +44 (0) 7970 778 952

Jonathan Clay                                     +44 (0) 7899 928 247

Media:

Molly Neal                                           +44 (0) 7583 102 727

Danielle Dominey-Kent                       +44 (0) 7812 485 153