Britain's National Grid is responsible for overseeing the country's energy supply and making sure supply and demand are evenly balanced.

"Our review will seek to ensure that, at a time when households' budgets are under strain, consumers can continue to have confidence in the market," National Grid's Electricity System Operator said in a statement.

It will undertake the review with external consultants, National Grid said.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shinjini Ganguli)