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Ofgem proposes cutting National Grid budget by 185.4 mln pounds

Aug 18 (Reuters) - Britain's energy regulator Ofgem has proposed scrapping some 185.4 million pounds worth of power and gas projects due to be undertaken by National Grid (LSE: NG.L - news) , it said on Thursday.

Ofgem, which sets the amount of cash which is granted to National Grid to improve and maintain the country's electricity and gas distribution networks, launched a review into some transmission projects in May.

Its biggest proposed cutback to National Grid's budget relates to a 168.8 million-pound Avonmouth gas pipelines project, which it says are no longer needed.

It also proposes reducing Grid's allowance by 38.1 million pounds for electricity transmission works.

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However, Ofgem is allocating an extra 21.5 million pounds to help National Grid manage additional supply and balancing services on Britain's high-voltage network as the country moves to a low-carbon economy, it said.

Ofgem said it was consulting on its proposals and would take a final decision this autumn. (Reporting by Oleg Vukmanovic in Milan; Editing by Greg Mahlich)