StockMarketWire.com - Energy utility SSE's wholly-owned subsidiary Scottish and Southern Electricity Networks Transmission (SSEN Transmission) has said it is 'disappointed and deeply concerned' in response to Ofgem's draft determination for the RIIO-T2 price control period.

SSEN Transmission said that based on an initial assessment, the approach set out in Ofgem's draft determination 'fundamentally fails to deliver on net zero, inadequately reflects stakeholder and customer needs, and falls short in seeking to attract the significant investment required'.

Managing director of transmission Rob McDonald said: 'Whilst our stakeholder-endorsed and evidence-based business plan was in step with the government's low carbon investment ambition, Ofgem's first pass at a settlement resembles a worrying return to austerity.

'Ofgem's draft determination is a barrier towards achieving net zero and damaging to the green economic recovery.'

SSEN Transmission said that it will now consider the draft determination in detail over the coming weeks and will seek to 'work constructively' with the government and Ofgem during the consultation period.

McDonald added that without significant changes during the consultation period, 'there is a real risk that the critical investment in Britain's electricity networks will be unnecessarily slowed down by an appeal process via the CMA, which is not in any stakeholders' interests'.

At 8:12am: [LON:SSE] Sse PLC share price was -37.75p at 1303.25p



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