Britain’s energy regulator has set new price controls on local power networks.
Networks are expected to provide more benefits to customers by lowering returns to investors.
Ofgem said: “A key requirement of the plan will be for networks to focus the investment on supporting the move away from a high dependence on imported fossil fuels, towards using more homegrown, cleaner, cheaper, and secure sources of energy.”
The contribution via customer energy bills would remain the same at around £100 per year.
Akshay Kaul, Ofgem Interim Director, Infrastructure and Security of Supply Group, said: “The investment set out today delivers value for consumers, safeguards security of supply and helps ensure Britain is no longer at the mercy of international energy prices of geopolitical events.
“We have set the initial amount of investment that local electricity distribution network operators can make in the 2023 to 2028 period, with every pound representing value for money for consumers and no increase in bills.”