Frank Mitchell, CEO of SP Energy Networks, said: “We will now carefully consider the details of Ofgem’s draft determination. This is an ongoing process, and further discussions will take place. We also expect to receive further details from Ofgem, including specifics on the underpinning assumptions for Manweb, as well as further information on the overall proposal and the impact on financing, especially given our concern over Ofgem’s conclusion on cost of equity. Since the original submission in November, we now welcome the fact that Ofgem has recognised SP Distribution as the most efficient DNO and the overall quality of our business plans.”

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