Ofgem demands cheaper electricity for consumers

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Ofgem has said it is to limit investment in next generation electricity and gas infrastructure so that energy bills do not rise by more than £4 a year.

The energy watchdog said that while upgrades to the current transmission system are vital, they should not have a huge impact on electricity prices for consumers - good news for anyone planning on changing their energy supplier or comparing energy prices online.

"We have accepted the companies' investment plans but told them to deliver them at much lower cost," said Ofgem chief executive Alistair Buchanan.

He added: "We are demonstrating that our eye is on ensuring customers' needs are met without losing sight of the importance of value for money in difficult times."

Consumers currently spend £3.6 billion a year for energy distribution – or one sixth of their total bill.

Last month energy and climate change secretary Ed Miliband said that Ofgem would be given greater powers to protect consumers and keep the cost of their energy bills as low as possible.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.


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