Meeting with Dermot Nolan Today - Boss of OFGEM Today - National Grid's outrageous £2.9BN profits

Dear All Supporters, I have a meeting with Dermot Nolan boss of OFGEM today. I shall be asking him: How can a 38% profit margin be appropriate for National Grid in the UK? Or an EBITDA of 45%? That's £3.4BN of EBITDA off just £7.5BN of turnover in the UK. Most firms make 5% profits. Can a 0.68% efficiency gain per year over 25 years justify 38% profits just 3 years into a price control? This is what OFGEM appear to be saying in the press. Surely 22 years of these efficiency gains should have already been absorbed into the price control and so the only efficiency gain to take here is about 2%. A 2% efficiency can't be used to justify 38% margins, can it? And how is a 0.68% efficiency gain by National Grid that can be claimed as good? Surely it’s poor? Will Dermot join us and slash these outrageous profits and cut UK energy bills by £1.7BN / £57 on average. Hopefully the meeting will go well and OFGEM will see the light. Wish me luck!