SSE notes the publication of Ofgem’s Final Determination for the RIIO-T3 price control period, which comes at a critical time for securing clean, affordable power for families and businesses across the country.
The investment it delivers will help reduce reliance on imported energy from overseas, remove grid bottlenecks and strengthen energy security, as well as acting as a major catalyst for economic growth, jobs and supply chain investments across the UK to unlock the country’s full potential.
Based on an initial assessment, SSE welcomes improvements to baseline total expenditure and notes the updates to Ofgem’s proposed financial parameters and incentive regime. However, a detailed assessment is required to determine the overall investability of the package.
With more material to be released by Ofgem over the next few days, SSEN Transmission, SSE plc's Transmission business, will review and assess the price control package in its entirety over the coming weeks, including the proposed licence changes due to be consulted upon shortly.
SSE remains committed to constructive engagement with Ofgem to secure an investible, financeable and ambitious price control settlement which underpins the unprecedented levels of investment required to deliver clean power, energy security and lower bills for current and future generations.
Martin Pibworth, Chief Executive of SSE, said:
“This price control comes at a pivotal moment for Britain’s energy system. In front of us is a once-in-generation opportunity to upgrade the grid, unlocking the potential that exists within our energy system, supply chains and economy. The scale of the transformation is significant, but so too is the prize: lower, more stable bills over the long term, securing thousands of jobs, economic growth and unlocking more homegrown energy for homes and businesses."