National Grid PLC Ofgem publish updated Hinkley-Seabank consultation (8896P)
15 Octubre 2019 - 1:24AM
UK Regulatory
TIDMNG.
RNS Number : 8896P
National Grid PLC
15 October 2019
15 October 2019
National Grid plc
Ofgem publish updated Hinkley-Seabank consultations
Ofgem have today published their consultations on the delivery
model and on the assessment of capital costs for the
Hinkley-Seabank project.
While we welcome Ofgem's minded-to position not to proceed with
the Competition Proxy Model (CPM) for this project, we continue to
question the value of the CPM. We will also be looking to provide
further evidence to Ofgem to support our view of the capital costs
for this project.
We will review the consultations in detail and will continue to
work with Ofgem as part of the ongoing RIIO-T2 negotiation to reach
an appropriate outcome that offers value to consumers as well as
providing a fair balance of risk and reward.
These consultations on Hinkley-Seabank do not affect the
delivery of the project, which is progressing well.
Investors and Analysts
Will Jackson +44 (0) 20 7004 3166 +44 (0) 7584 206 578 (m)
Jon Clay +44 (0) 20 7004 3460 +44 (0) 7899 928 247 (m)
Media
Gemma Stokes +44 (0)1926 655 272 +44 (0) 7974 198 333 (m)
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. These forward-looking statements are not guarantees of
National Grid's future performance and are subject to assumptions,
risks and uncertainties that could cause actual future results to
differ materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, including any arising as a result of the United
Kingdom's exit from the European Union; announcements from and
decisions by governmental bodies or regulators, including proposals
relating to the RIIO-T2 price controls as well as increased
political and economic uncertainty; the timing of construction and
delivery by third parties of new generation projects requiring
connection; breaches of, or changes in, environmental, climate
change and health and safety laws or regulations, including
breaches or other incidents arising from the potentially harmful
nature of its activities; network failure or interruption, the
inability to carry out critical non network operations and damage
to infrastructure, due to adverse weather conditions including the
impact of major storms as well as the results of climate change,
due to counterparties being unable to deliver physical commodities,
or due to the failure of or unauthorised access to or deliberate
breaches of National Grid's IT systems and supporting technology;
failure to adequately forecast and respond to disruptions in energy
supplies; performance against regulatory targets and standards and
against National Grid's peers with the aim of delivering
stakeholder expectations regarding costs and efficiency savings;
and customers and counterparties (including financial institutions)
failing to perform their obligations to the Company. Other factors
that could cause actual results to differ materially from those
described in this announcement include fluctuations in exchange
rates, interest rates and commodity price indices; restrictions and
conditions (including filing requirements) in National Grid's
borrowing and debt arrangements, funding costs and access to
financing; regulatory requirements for the Company to maintain
financial resources in certain parts of its business and
restrictions on some subsidiaries' transactions such as paying
dividends, lending or levying charges; the delayed timing of
recoveries and payments in National Grid's regulated businesses and
whether aspects of its activities are contestable; the funding
requirements and performance of National Grid's pension schemes and
other post-retirement benefit schemes; the failure to attract,
develop and retain employees with the necessary competencies,
including leadership and business capabilities, and any significant
disputes arising with National Grid's employees or the breach of
laws or regulations by its employees; and the failure to respond to
market developments, including competition for onshore
transmission, the threats and opportunities presented by emerging
technology, development activities relating to changes in the
energy mix and the integration of distributed energy resources, and
the need to grow the Company's business to deliver its strategy, as
well as incorrect or unforeseen assumptions or conclusions
(including unanticipated costs and liabilities) relating to
business development activity. For further details regarding these
and other assumptions, risks and uncertainties that may impact
National Grid, please read the Strategic Report section and the
'Risk factors' on pages 212 to 215 of National Grid's most recent
Annual Report and Accounts. In addition, new factors emerge from
time to time and National Grid cannot assess the potential impact
of any such factor on its activities or the extent to which any
factor, or combination of factors, may cause actual future results
to differ materially from those contained in any forward-looking
statement. Except as may be required by law or regulation, the
Company undertakes no obligation to update any of its
forward-looking statements, which speak only as of the date of this
announcement.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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