How we performed against our previous business plans
Our performance outputs under our previous 'T1' business plans were set by a stakeholder consultation process at the start of the RIIO-T1 price control period.
£2.9 billion saving
We met all our T1 targets, while saving £2.9 billion in the process. We did this by working more efficiently, more productively and using our asset management expertise when working on projects. We share these savings with consumers, which means that over £1.5 billion will not be passed on to household consumers’ bills.
Our allowances were adjusted downwards by £2.6 billion
As well as the cost reductions that we have made, allowances have changed from those set at the start of RIIO-T1 in 2013. This is a mixture of reductions (£3.4 billion) where work forecast, like connecting customers, hasn’t been required. Those allowances are returned, so consumers don’t pay more than they need to. This reduction is balanced with additional allowances of £0.8 billion for work that wasn’t certain at the start of the period. Funding for the new overhead line between Hinkley and Seabank is an example of this.
We welcome your feedback, so we can make sure we’re improving in the areas that are important to you. You can email us at [email protected]