NATIONAL Grid revealed yesterday it will share some of the excess cash it has made from trading energy via its electricity cables ahead of schedule, to help lower bills for energy users amid the deepening cost of living crisis.
Market regulator Ofgem has approved its request to pay £200m to
UK households over the next two years, instead of waiting for a five-year review period to end.
The grid operator would be required to pay the money as part of its deal with Ofgem, as National Grid is not allowed to make more than a certain amount of money from its cables, but the sums can now be sent over a shorter timeframe.
Its excess funds come from energy trading with subsea cables that connect France, Belgium and Norway with the UK's power grid.
The UK sells spare energy resources to the continent when it has excess supplies, such as if wind turbines generate more power than require.d Ofgem has not yet decided how the money will be paid back to users.