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National Grid plummets after Ofgem announces price cap cut

Published 24/05/2024, 09:21
© Reuters National Grid plummets after Ofgem announces price cap cut
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Proactive Investors - Electricity and gas provider National Grid PLC (LON:NG) plummeted over 10% this morning after energy regulator Ofgem announced a £122 cut to the energy price cap.

The cap will be set at £1,568 for direct debit customers from July to the end of September, down from £1,690 currently, Ofgem said.

This determines how much suppliers can charge per unit of electricity or gas, with these set to cost 22.36p and 5.48p per kilowatt-hour respectively.

FTSE 100-listed National Grid shares bore the brunt of the announcement, though shares were already depressed following a deeply discounted rights issue on Thursday.

The stock was trading at a flat 900p at the time of writing.

Read more on Proactive Investors UK

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