More NewsAudit watchdog praises Ofgem

Audit watchdog praises Ofgem

Praise for UK electricity and gas markets regulator over sale of gas distribution networks

A report published today by the UK audit watchdog, the National Audit Office,
has praised the way Ofgem successfully handled the sale of four gas distribution
networks.

The networks were sold to three companies for £5.8bn in a complicated process
which required regulatory approval as well as the need to compare the efficiency
of the distribution companies in order to set price controls.

The NAO’s report said the Ofgem team was ‘under constant pressure’ and had
‘insufficient staff with some of the specific expertise required’, but had been
able to employ consultants to fill the gap.

NAO chief Sir John Bourn said: ‘At a time when consumers are facing rising
gas prices, I am encouraged to see that the changes to the gas industry arising
from the sale of the networks have potential benefits for consumers.’

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