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Britain’s energy independence and security is at the heart of the Energy Security Bill which was introduced into Parliament yesterday (WED) by Mr Kwarteng.
The 26 measures will allow consumers to be shielded from eye-watering fossil fuel prices into the future, Mr Kwarteng said.
He added: “To ensure we are no longer held hostage by rogue states and volatile markets, we must accelerate plans to build a truly clean, affordable, home-grown energy system in Britain.
“This is the biggest reform of our energy system in a decade. We’re going to slash red tape, get investment into the UK, and grab as much global market share as possible in new technologies to make this plan a reality.
“The measures in the Energy Security Bill will allow us to stand on our own two feet again, reindustrialise our economy and protect the British people from eye-watering fossil fuel prices into the future.”
Russia’s war in Ukraine has sent global energy prices rocketing and forced countries across the world to reduce their reliance on foreign pipelines and seek cheaper, domestic alternatives.
New powers will enable the extension of the energy price cap beyond 2023, shielding millions of customers across the country from being overcharged.
Measures set to be introduced include supporting the roll-out of low carbon technologies, and the development of a new green hydrogen industry which will enable the UK to decarbonise sectors such as transport.
Tom Thackray, Confederation of British Industry decarbonisation director, said: “The Energy Security Bill will help address vulnerabilities laid bare by the global gas and oil crises.
“The Bill’s much needed measures will accelerate the UK’s shift to net zero power, while also helping to grow key green technologies like carbon, capture, usage/storage (CCUS) and hydrogen.”
The Bill is the latest reform to bolster energy security and follows the Nuclear Energy (Financing) Act which received Royal Assent earlier this year.
Melanie Onn, RenewableUK’s deputy chief executive, said: “The measures set out in the Bill will accelerate the UK’s transition to energy independence by enabling us to deploy innovative home-grown renewable technologies at scale.”
“These proposals will help consumers by cutting expensive gas imports and replacing them with locally-generated clean power which we control.
“But to speed up this transition, we need a new approach to how the market is regulated and that should start with a net zero duty on Ofgem so that all decisions on the future of the market are aligned with our decarbonisation targets”.
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