What is Riio-ED1?
RIIO-ED1 is the price control for the electricity distribution network, where network companies take power from the transmission network and deliver it at safe, lower voltages to homes and businesses. The price control runs for eight years, from 2015-2023. The RIIO-ED2 price control will run from 2023-2028.
What Riio 2?
RIIO-2 is the second set of price controls implemented under our RIIO model. It’s an investment programme to transform the energy networks and the electricity system operator to deliver emissions-free green energy in GB, along with world-class service and reliability.
What is Riio Ofgem?
Ofgem’s new performance-based RIIO model seeks to ensure consumers get the necessary investment in Britain’s energy networks at a fair price. RIIO stands for Revenue=Incentives+Innovation+Outputs. The incentives also bite the other way, reducing a firm’s revenue if a project costs more to deliver than expected.
Who regulates SGN?
Our panel is made up of members from across a wide range of sectors. It is chaired by Jayne Scott who has a wide range of experience in the regulation arena for a number of organisations, including the government body that regulates us, Ofgem.
What is Riio regulation?
RIIO (Revenue = Incentives + Innovation + Outputs) is a performance-based regulatory model created by the UK’s Office of Gas and Electricity Markets (Ofgem). RIIO seeks to reward utilities for innovation and for delivering outputs that meet the changing expectations of consumers and society.
Does Ofgem regulate prices?
Ofgem, as the regulator, sets price controls for the companies that operate Britain’s gas and electricity networks. Price controls are needed as these networks are natural monopolies and therefore there is no realistic way of introducing competition across the whole sector.
What is Riio national grid?
National Grid Electricity Transmission operates as a natural monopoly and is regulated by Ofgem through a framework known as RIIO (Revenue=Incentives+Innovation+Outputs). RIIO makes sure we’re charging fair prices for the services we provide. The current regulatory period is known as RIIO-T1 and runs from 2013 to 2021.
Who are Ofgem and what do they do?
Ofgem is the Office of Gas and Electricity Markets. Our role is to protect consumers by working to deliver a greener, fairer energy system. Our organisational strategy and objectives for protecting consumers, supporting decarbonisation and improving the energy system.
How much is SGN worth?
The financial terms of the sale were not disclosed, but the Globe and Mail reported the sale price was 1.6 billion Canadian dollars.