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Investec Bnk 23 | LSE:68JY | London | Medium Term Loan |
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RNS No 9008j OFGEM 12 August 1999 Ofgem announces draft price proposals for electricity distribution Ofgem today published its draft price proposals for the 14 regional electricity distribution businesses of the Public Electricity Suppliers (PESs) in Great Britain. The proposals, which are due to be finalised around the end of November, will affect electricity prices for five years from April 2000. Ofgem proposes a reduction in distribution prices for 2000/01 averaging 25 to 30 per cent and a further annual reduction of 3 per cent below the rate of inflation until 2004/05. This includes a reallocation of costs, accounting for 9 per cent of next year's cuts, out of the PESs' distribution businesses. This reallocation transfers costs to the supply businesses where they will be increasingly subject to competition. But the remaining 16 to 21 per cent will contribute to a reduction in customer bills next year. Distribution charges make up just under one third of the typical domestic bill. The effect of today's proposals on an average domestic bill is complex but the substantial reductions in distribution charges proposed should have the effect of reducing domestic bills by an average of around 5 per cent (about #15) next year. These figures vary from region to region. Today's proposals are in addition to other initiatives Ofgem is taking to reduce electricity prices, including the reform of the electricity trading arrangements, and the reviews of the PESs' supply businesses and the Scottish transmission businesses, which are also due to be completed around the end of November. The proposals published today include stronger incentives on companies to maintain and improve the quality of supply, and add further incentives to encourage energy efficiency and for companies to meet customer needs better. Callum McCarthy, Director General of Electricity Supply, said: "I regard these proposals as tough, fair and realistic.Today's proposals offer benefits and opportunities for customers, companies and investors. Customers "For electricity customers, distribution costs account for some 30 per cent of the final domestic bill. These proposals will reduce that component by 18 per cent on average or 5 per cent of the final price -- equivalent to a reduction next year of about #15 on a typical bill. Setting X at 3 should mean that this component not only comes down, but stays down. "There should be further price benefits to customers from the proposals on pool reform announced by Ofgem last week, which are designed to place strong downward pressure on the wholesale price of electricity, which accounts for about half the average domestic bill. "At the same time, the additional measures on quality of supply will mean that customers should see further improvements in quality of service over and above those which they have seen over the last five years. Companies "For the companies, we are providing strong incentives for all of them to improve efficiency and service. These incentives take today's performance as their starting point but give a better prospect of out-performance to those who are currently efficient. We are also giving greater clarity to companies in terms of future incentives - something which we will build on in the ongoing work programme to improve information and incentives. Investors "We are offering providers of capital a return which is appropriate for the risk characteristics of these distribution businesses. Distribution is not, and should not be, a 'high risk, high return' business. I am confident that what we propose will enable the companies to meet their licence obligations and to attract new capital." Notes to editors The average domestic electricity bill is around #250 (about #262 including VAT.) It is made up as follows: Generation costs 49 per cent Transmission costs (National Grid) 5 per cent Distribution costs 32 per cent Supply costs and margin 13 per cent Fossil fuel levy 1 per cent The proposals for the individual PESs are as follows: Proposed Impact on P0 of Proposed price impact reduction in P0 proposed reduction in P0 in 2000/01 including reallocation of excluding reallocation of costs (mainly from reallocation of costs (%) distribution to costs (%) supply (%) Eastern 28-33 10 18-23 #10-13 East Midlands 28-33 9 19-24 #13-17 London 30-35 17 13-18 #9-13 Manweb 23-28 10 13-18 #11-15 Midlands 26-31 5 21-26 #14-17 Northern 26-31 8 18-23 #14-18 Norweb 30-35 9 21-26 #16-20 SEEBOARD 37-42 15 22-27 #14-17 Southern 21-26 3 18-23 #12-16 Swalec 29-34 7 22-27 #23-28 SWEB 21-26 5 16-21 #14-18 Yorkshire 24-29 9 15-20 #11-14 Scottish Power12-17 8 4-9 #3-8 Hydro-Electric15-20 7 8-13 #6-10 AVERAGE 25-30 9 16-21 #12-16 Copies of the document "Review of Public Electricity Suppliers 1998-2000. Distribution Price Control Review: Draft Proposals" are available on the Ofgas website www.ofgas.gov.uk. Paper copies of the document are available from Ofgem, 130 Wilton Road, London SW1V 1LP from 07:30 on Thursday 12 August. From Friday 13 August please phone (0116) 277 2617. Media Enquiries Chris Webb 0171 932 1608 Joanna Kail 0121 456 6234 Andy Whateley 0171 932 1668 Out of hours 0374 728971 Internet While a site for the Office of Gas & Electricity Markets is being developed please refer to the sites below. OFFER Web-site at: http://www.open.gov.uk/offer/offer.htm Ofgas Web-site at: http://www.ofgas.gov.uk END MSCBIGBICUBCCCB
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