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Industry news
National Grid loses fine fight
Thursday, April 30, 2009
National Grid said it was considering its legal options after failing to overturn a record fine for breaching competition rules in its UK gas metering business.
The Competition Appeal Tribunal yesterday shaved more than a quarter off the company's original penalty of £41.6m, ruling that £30m was a more appropriate fine level.
However, it backed an earlier regulatory finding that National Grid's long-term, exclusive metering contracts with energy suppliers restricted competition and harmed consumer choice.
National Grid, which transmits and distributes gas and electricity, inherited a gas metering market monopoly when it bought Transco, owner of the gas transmission network, in 2002.
National Grid spent two years renegotiating contracts with gas suppliers.
"We continue to believe that our gas metering contracts have not harmed consumers, competition or gas suppliers," said Mark Fairbairn, National Grid executive director. "We will now thoroughly review the judgment and consider our next steps."
This story was featured on The Financial Times Website.
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