Motor racing’s ruling body the International Motoring Federation (FIA) on Friday confirmed a new “global agreement on power units” in Formula One for 2017-2020.

The confirmation of revisions agreed by all four engine manufacturers involved came after months of discussions and followed an ‘e-vote’ ratification from the F1 Commission, the FIA said in a statement.

The FIA added that the new plan -– for cheaper engines and closer racing — had the support of thesport’s veteran commercial supremo Bernie Ecclestone.

The plan embraces agreement by the engine manufacturers to back a long-term plan to reduce the number of power-units used to just three per driver from 2018.

The plan also brings in the use of standard parts, common installations for energy storage and control electronic systems.

It is hoped to reduce the costs for customer teams by one million euros for 2017 and by three million for 2018.

Manufacturers are also expected to commit to guaranteeing to supply power units at a fixed cost for all teams, following Red Bull’s embarrassing hunt for new engines last year. – Agence France-Presse

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