Posted on: 22/05/2018
Ofgem has launched an investigation into National Grid Electricity Transmission’s (NGET) demand forecasting for the UK electricity market.
The investigation will examine whether “NGET breached rules relating to its duty to operate the system in an economic and efficient manner”.
“This includes but is not limited to producing and publishing appropriate forecasts of demand,” said a brief statement by the regulator.
Ofgem stressed that the opening of the investigation “does not imply that we have made any findings about non-compliance by NGET”.
NGET is the system operator for the electricity transmission network in England, Scotland and Wales
Last week National Grid reported that annual operating profits increased by 4% to £3.5bn, driven mainly by a strong contribution from its US business.
The group said it expects growth at the top end of the 5-7% range for the medium term, and at least 7% in the near term, “which we will deliver with continued capital discipline and improved efficiency across the group”.
“The business is well positioned with a balanced portfolio and an efficient balance sheet that underpins asset and dividend growth,” it added.