SSE PLC Statement re CMA Provisional Findings (2265I)
August 11 2021 - 2:12AM
UK Regulatory
TIDMSSE
RNS Number : 2265I
SSE PLC
11 August 2021
SSE plc
CMA Provisional Findings
11 August 2021
SSEN Transmission notes today's publication of the CMA's summary
of its provisional determinations into SSEN Transmission's appeal
against certain elements of Ofgem's RIIO-T2 price control
settlement.
The full provisional determinations are expected to be released
to appellants and interveners on Wednesday afternoon. This will be
followed by a three-week consultation for the CMA to consider
responses in advance of its final determinations, which are
expected no later than 30 October 2021.
In its provisional determinations, the CMA has upheld appeals
against the assumed 'Outperformance Wedge', and for changes to the
Licence Modification Process.
However, the CMA's provisional decision has not upheld appeals
on:
-- Ofgem's flawed Cost of Equity, which does not reflect the
risks associated with the investment needed in electricity
transmission to deliver net zero. It also differs from the approach
recently adopted by the CMA for the water industry; or
-- Changes to how Transmission Network Use of System Charges are
recovered and the associated risk to Transmission Owners of
exposure to under-recovery.
SSEN Transmission will continue to engage constructively with
the CMA in advance of its final decision in order to achieve a fair
settlement that delivers for stakeholders and unlocks the
investment required to deliver net zero.
ENQUIRIES:
Investors and Analysts ir@sse.com +44(0)345 0760 530
Media media@sse.com +44(0)345 0760 530
NOTES TO EDITORS:
SSEN Transmission, operating under licence held by Scottish
Hydro Electric (SHE) Transmission plc, owns, operates and develops
the high voltage electricity transmission system in the north of
Scotland and remote islands.
SSEN Transmission is a wholly owned subsidiary of SSE plc.
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