UK energy regulator proposes to control electricity prices

LONDON, Nov 30 (Reuters) - Britain's energy watchdog has proposed price controls for electricity distribution companies over the next five years, a mechanism the regulator says will deliver cheaper, cleaner power at no extra cost to consumers.

The controls, which will apply from April 1, 2023 to 2028, require six companies that operate electricity distribution networks to focus their investments on reducing reliance on imported fossil fuels, regulator Ofgem said in a statement Wednesday.

Businesses and households across Europe have been hit by a surge in energy prices that began when the world came out of confinement over COVID-19 and then spiked in February as a result of the invasion of Ukraine by top gas exporter Russia.

"The investments planned today deliver value to consumers, ensure security of supply and help move the UK away from being at the mercy of international energy prices or geopolitical events," said Akshay Kaul, interim director of Ofgem's Infrastructure and Security of Supply Group.

($1 = £0.8351)

(Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens and Barbara Lewis, edited in Spanish by José Muñoz in the Gdansk newsroom.)