DRXGY Drax Group PLC (PK)

By Ian Walker

LONDON--U.K. energy regulator Ofgem said Wednesday is consulting on a request by National Grid PLC (NG.LN) to recover the costs of two services contracts which the network operator agreed with SSE PLC (SSE.LN) and Drax PLC (DRX.LN), two British power companies.

National Grid said it has spent "significantly" more money than agreed with the regulator in providing the services, hence its application to recover the costs.

The contracts are worth 113 million pounds ($164.43 million) in total.

The consultation will close on July 6 and Ofgem plans to issue a decision by Aug. 24.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

June 08, 2016 02:52 ET (06:52 GMT)

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