- Power utility National Grid has said it is 'extremely disappointed' with Ofgem's draft determination for RIIO-T2, which it said 'risks undermining the process established by Ofgem'.

National Grid said the publication of the draft determination, which is part of the ongoing process towards agreeing a settlement for RIIO-T2, covers its UK electricity and gas transmission businesses, and the electricity system operator.

National Grid said of the proposal that it 'leaves us concerned as to our ability to deliver resilient and reliable networks, and jeopardises the delivery of the energy transition and the green recovery'.

The company added: 'Ahead of the final determinations which are expected in December, we will be pressing Ofgem to come forward with a regulatory framework that both incentivises investment and protects consumers.'

National Grid submitted its final business plans in December, which took into account the views of stakeholders.

At 8:22am: [LON:NG.] National Grid PLC share price was -25.2p at 874p

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