What is the current Riio period?
The price control runs for eight years, from 2015-2023. The RIIO-ED2 price control will run from 2023-2028.
What is Riio T1?
About RIIO-T1 The RIIO-T1 network price control set out what the gas and electricity transmission network companies were expected to deliver for energy consumers from 2013-2021. The RIIO-T2 transmission price control came into effect from April 2021 and will run until 2026.
What does Riio stand for?
Revenue = Incentives + Innovation + Outputs
RIIO stands for ‘Revenue = Incentives + Innovation + Outputs’.
When was riio introduced?
2013
We introduced RIIO in 2013. This decision on the framework will apply to the second round of RIIO price controls (RIIO-2) that will begin in 2021 for gas distribution and gas and electricity transmission network.
What is Riio T2?
RIIO-T2 is the price control for the high voltage electricity transmission networks and high pressure gas transmission networks which transmit energy across Britain from where it is generated. The price control runs for five years, from 2021-2026.
What is Riio national grid?
National Grid Electricity Transmission operates as a natural monopoly and is regulated by Ofgem through a framework known as RIIO (Revenue=Incentives+Innovation+Outputs). RIIO makes sure we’re charging fair prices for the services we provide. The current regulatory period is known as RIIO-T1 and runs from 2013 to 2021.
What is Riio regulation?
RIIO stands for Revenue=Incentives+Innovation+Outputs. RIIO will ensure that network costs do not rise any more than they need to by financially punishing inefficient companies that fail to deliver for consumers.
What does Riio-2 mean?
Network price controls and performance (2021-2028) RIIO-2 is the second set of price controls implemented under our RIIO model. It’s an investment programme to transform the energy networks and the electricity system operator to deliver emissions-free green energy in GB, along with world-class service and reliability.
What is Ofgem price cap?
The price cap limits the rates a supplier can charge for their default tariffs. These include the standing charge and price for each kWh of electricity and gas (the units your bill is calculated from). Ofgem sets the cap level for summer and winter based on the underlying costs to supply energy.
What is Riio ED2?
About RIIO-ED2 The RIIO-ED2 price control sets the outputs that the 14 electricity Distribution Network Operators (DNOs) need to deliver for their consumers and the associated revenues they are allowed to collect for the five-year period from 1 April 2023 to 31 March 2028.
What does Riio T2 mean?
What is the average electricity bill per month UK?
Calculating the average UK energy bill is tricky as it is dependent on a number of factors. However, Data published by Ofgem, the energy market regulator, shows that in September 2021 the average UK energy bill was £95 per month, or £1,138 a year.