UK Energy Security Strategy & Cadent Financial Overview

Continued stability of regulatory framework with RIIO-2 now fully established The current regulatory cycle is RIIO-2, which came into effect in April 2021 and lasts for five years through to March 2026 Revenue = Incentives + Innovation + Outputs 98% of our revenue is regulated. Indirectly, customers pay for our services through their gas bill. We get extra money for good performance. Poor performance results in us being penalised. We can bid to invest in new technologies & techniques to help improve efficiency & customer experience. Our commitments, the things we must do as part of our price control. 13

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