Government announces plans to sever the link between renewables, nuclear and gas prices in new Energy Prices Bill.
The Bill enshrines the support measures announced over the last few months into law, including the Energy Price Guarantee for domestic consumers and Energy Bill Relief Scheme for businesses and non-domestic properties.
Additionally, it sets out concreate plans to decouple the cost of low-carbon electricity from that of has prices through a new temporary Cost-Plus Revenue Limit in England and Wales. This will reduce the impact of the unprecedented wholesale prices on consumers and the taxpayer, the government said.
The precise mechanics of the limit are still subject to consultation – which will be launched shortly – but it will set a revenue limit that curbs the amount generators can make.
“Businesses and consumers across the UK should pay a fair price for energy. With prices spiralling as a result of Putin’s abhorrent invasion of Ukraine, the Government is taking swift and decisive action,” said Business and Energy Secretary, Jacob Rees-Mogg.
Read more: Current+
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