National Grid has published its half-year 2018-19 results, reporting that its recently-launched cost efficiency programme in the UK will save £50mn in 2018-19 and £100mn annually from 2020-21 onwards. In the Thursday 8 November announcement, National Grid said that the efficiency programme is expected to cost £127mn to implement before making back the cost. It added that preparation for RIIO-T2 was underway following Ofgem’s publishing of the RIIO Framework Decision document at the end of July. National Grid said it welcomed some of the planned changes to RIIO, such as using the CPIH measurement of inflation and the withdrawal of the proposal to cap returns. However, it said that it still needed to discuss with Ofgem the cost of equity, saying that it is too low to reflect the risk of investing in transmission networks.