Following the publication of the Competition Commission’s provisional redetermination of our price control on Phoenix Natural Gas Limited, Shane Lynch, Utility Regulator Chief executive said:
“The Utility Regulator welcomes the publication of the Competition Commission’s summary provisional determination, and looks forward to further engagement before the Commission publishes its final determination.
“The Commission has broadly endorsed our position on deferred capex (for pipes that were never built) which will put almost £14m (after interest this will amount to around £40m) back into the pockets of current and future natural gas consumers. We will now consider the full implications of the Commission’s provisional view on the issue of outperformance, in line with our statutory duties.”
The Competition Commission’s provisional determination is available on their website.