Britain’s energy independence and security are at the heart of the Energy Security Bill tabled in Parliament yesterday (WED) by Mr Kwarteng.
The 26 measures could protect consumers from the eye-watering prices of fossil fuels in the future, Mr. Kwarteng said.
He added: “To ensure that we are no longer held hostage by rogue states and volatile markets, we need to accelerate plans to build a truly clean, affordable, domestically developed energy system in Britain.
“This is the biggest reform of our energy system in ten years. We are going to cut red tape, make investments in the UK and gain as much global market share as possible in new technologies to make this plan a reality.
“The measures in the Energy Security Bill will enable us to get back on our feet, re-industrialize our economy and protect the British people from dazzling fossil fuel prices in the future.”
Russia’s war in Ukraine has skyrocketed global energy prices, forcing countries around the world to reduce their dependence on foreign pipelines and seek cheaper, domestic alternatives.
New powers will allow for the extension of the energy price cap beyond 2023, protecting millions of customers across the country from being overloaded.
Measures to be introduced include supporting the roll-out of low-carbon technologies and the development of a new green hydrogen industry that will enable the UK to decarbonise sectors such as transport.
Tom Thackray, director of decarbonisation for the Confederation of British Industry, said: “The Energy Security Bill will help address vulnerabilities exposed 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 such as carbon, capture, use/storage (CCUS) and hydrogen.”
The bill is the latest reform to strengthen energy security and follows the Nuclear Financing Act, which received royal assent earlier this year.
Melanie Onn, deputy director of RenewableUK, said: “The measures set out in the bill will accelerate the UK’s transition to energy independence by enabling us to deploy innovative homegrown renewable technologies at scale.”
“These proposals will help consumers by reducing expensive gas imports and replacing it with locally generated clean power that we control.
“But to accelerate 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 about the future of the market are aligned with our decarbonisation goals” .