OFGEM Says No

OFGEM have responded to my letter effectively saying that the profits are not excessive. The £2.6BN profit at a 38% margin appears to be perfectly fine to them. They cite a number of reasons why they think a comparison with the US is not valid. They point out that National Grid is rewarded for efficiency gains but don't point what efficiency gains have made this incredible profit possible just three years into an 8 year contract with the regulator. It says to open up looking at changing the price National Grid charges could lead to uncertainty in the markets that might lead to a price rise of £2 per household as the cost of National Grid raising money might subsequently go up. OFGEM says No. Next stop - Parliament and the Secretary of State, Amber Rudd