The £8m fine imposed on National Grid on Thursday means the UK utility has achieved a dubious distinction.
In 2008, it was the subject of the largest penalty ever exacted by Ofgem, the UK regulator (£41.6m for anti-competitive metering – later reduced to £15m by the Court of Appeal). Today, National Grid added the number two spot, receiving the second-biggest fine in Ofgem’s history.
The UK’s freezing temperatures are bad news for travellers, but decidedly good news for gas suppliers.
National Grid has forecast a record day for gas demand, and has been forced to issue a “gas balancing alert” to encourage suppliers to up supply and big consumers to switch fuels or reduce consumption. That’s the seventh time such an alert has been issued since 2005.
All this has been good news for prices too (as long as you’re a seller of course). This was from Bloomberg this morning: