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UK Energy Security Bill introduced to Parliament

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The landmark Energy Security Bill, announced as part of the Queen’s Speech, will today be introduced into Parliament by Business and Energy Secretary Kwasi Kwarteng.

The UK Government warrants the legislation as the most ambitious piece of energy legislation in a decade with 26 measures that will attract an unprecedented £100bn of private sector investment by 2030, reindustrialise our economy and create 480,000 green jobs through new clean domestic energy supplies, including hydrogen and offshore wind, as well as protecting consumers.

Business and Energy Secretary Kwasi Kwarteng said: “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.”

The measures also support the deployment of low carbon technologies at scale such as carbon, capture, usage and storage (CCUS) and hydrogen, helping drive investment by giving businesses the certainty they need. The Government is determined to ensure Britain secures a ‘first mover advantage’ in seizing the global market share in these technologies, helping to attract new private capital into the UK which will create jobs and reindustrialise parts of the country.

Other new powers will enable the extension of the energy price cap beyond 2023, shielding millions of customers across the country from being overcharged, limiting the amount suppliers can charge for gas and electricity.

Ofgem, the UK’s energy regulator, will be appointed to oversee regulation of the heat networks market – some 480,000 consumers across Britain – to ensure consumers are charged a fair price.

The bill comes during Net Zero Awareness Week and will aid the UK in its mission to achieve net zero by 2050 as well as drive for a cheaper and cleaner system overall.

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