National Grid to use subsea cable cash to help struggling energy users

Under agreement with Ofgem, network operator will return electricity funds early

Households in Great Britain struggling with soaring energy bills are to benefit after National Grid agreed to bring forward a £200m payment to customers generated from its electricity cables to Europe.

Under an agreement with the watchdog Ofgem the energy network operator must pay back revenues made from subsea cables – which connect the electricity systems of neighbouring countries – over a five-year period above a cap.

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