The Energy Bill is set to be introduced to parliament today (6 July) by business and energy secretary Kwasi Kwarteng.
First announced within the Queens Speech in May, the Bill is designed to boost the UK’s energy security in light of the volatility seen over the last winter and the impact of the Russian invasion of Ukraine.
“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,” Kwarteng said.
“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 Bill includes 26 measures across three main areas; reforming the energy system to protect customers, leveraging private investment in clean technologies to develop domestic generation, and ensuring the safety, security and resilience of the UK’s energy system.
They cover the extension of the price cap, the establishment of the Future Systems Operator, development of emerging sectors like heat networks and hydrogen, providing protection for consumers from network merger costs and boosting nuclear power amongst numerous other elements.