By Jaime Llinares Taboada

U.K. power and gas network companies face lower returns over the next five years after the U.K. Competition and Markets Authority provisionally upheld new rules by the energy regulator Ofgem to cut regulated profits for the April 2021-March 2026 period.

The CMA on Wednesday published a provisional decision on the new rules following appeals by the infrastructure companies. It's final report is due by the end of October.

The regulation will affect network infrastructure owners such as National Grid PLC, SSE PLC and ScottishPower's owner Iberdrola S.A.

Shares in National Grid at 0805 GMT were down 0.8% at 944 pence. SSE was up 0.2% at 1,616 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

August 11, 2021 04:29 ET (08:29 GMT)

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