Embedding broader values in the regulatory model: An analysis of Ofgem's consumer value proposition for the natural gas distribution sector

Customer engagement processes introduced in energy network regulation Britain have incentivised networks to think beyond economic efficiency. To this end, the regulator a new incentive: Consumer Value Proposition (CVP), allowing companies use monetised metric gain financial reward should their investments show additional social and environmental value for customers. Through case study of RIIO2 natural gas distribution price-control process, we construct narrative history design assessment CVP initiative. We discuss challenges implementing such an approach practice embedding it regulatory model.