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Ofgem seeks cost reduction for Hinkley Point grid upgrade

Reuters - UK Focus

LONDON, Aug 30 (Reuters) - British energy regulator Ofgem is pushing for a 20 percent reduction to the cost of a proposed £840 million ($1.1 billion) upgrade to a high-voltage grid to connect to the new Hinkley Point nuclear power plant.

National Grid (LSE: NG.L - news) , owner and operator of much of the UK's gas and electricity distribution network, proposed the upgrade this year but Ofgem said on Wednesday that the construction and operation of the upgrade could be put out to third-party tender. ($1 = 0.7738 pounds) (Reporting by Sabina Zawadzki; Editing by David Goodman)