Ofgem has confirmed its decision to cut the proposed cost of the new Hinkley Point C grid link by £60 million.

The link, which is due to be completed in 2024, will connect the new nuclear power station to the nation’s electricity grid.

The energy regulator says the move will save UK consumers money on their bills over the next 45 years.

In October, it outlined a number of areas in which it deemed costs forecast by the National Grid Electricity Transmission (NGET) to be too high and proposed it would cut project spending by £80 million – it has now revised this figure following in-depth consultation and analysis.

NGET wanted to spend £716 million on the new link, but Ofgem’s decision today cuts that to £656 million, which it suggests is the lowest cost that the project can be effectively and efficiently delivered at.