Consumers could save 1 billion on energy

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A new framework designed to save consumers more than 1 billion pounds over the next eight years has been unveiled by the government.

Ofgem who regulate the country's energy said the guidelines should control energy efficiency investments and innovations required for gas and electricity transmission and gas distribution networks.

New ways of doing business for gas distribution companies is also being supported with 400 million pounds being invested into the fund to help save customers money as well as improving efficiency and energy.

Ofgem Chief Executive Alistair Buchanan, said: "Britain's energy networks have a huge role to play in delivering over 30 billion pounds of the 200 pounds billion of energy investment needed in the next ten years."

"It is now up to companies to rise to the challenge. They must set out by the end of July how they are going to ensure safe, reliable networks with high levels of customer service while delivering the investment necessary to meet the needs of a low carbon economy," he added.

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