The Labour Party has unveiled major plans to renationalise the UK’s entire electricity and gas system, claiming that the current system is not fit for purpose.
Power electronics giant Hitachi has acquired ABB’s power grids business in an $11 billion (£8.7 billion) deal which has been described as a "turning point" for the energy transition.
Ofgem has confirmed that it will not open a mid-period review (MPR) of the current set of electricity distribution price controls, closing the door on potential changes to the RIIO ED-1 framework.
Ofgem stressed that it will need the help of industry if it is to strike the right balance between enabling the energy transition and keeping costs to within acceptable limits, as it designs the second set of network cost controls.
The realignment of RWE and E.On will place the two companies – and Germany as a whole – at the heart of Europe’s energy transition, their respective chief executive have said.