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UK Business and Energy Secretary to introduce Energy Security Bill

By: Tom Russell 06/07/2022 BEIS

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The UK government's Business and Energy Secretary Kwasi Kwarteng announced the introduction of the Energy Security Bill which aims to propel the UK’s transition to a cleaner, affordable, home grown energy system.

Energy Security Bill, announced as part of the Queen’s Speech, will be introduced into Parliament today (6 July 2022). According to Secretary Kwarteng, it will help drive £100 billion of private sector investment by 2030 into new British industries to help diversify the domestic energy supply, including hydrogen and offshore wind. It is also expected to support around 480,000 green jobs by the end of the decade.

Business and Energy Secretary Kwasi Kwarteng said: "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."

The Energy Security Bill also seeks to establish a new independent Future System Operator, which will take a whole-system approach to coordinating and planning Great Britain’s energy system, looking across electricity, gas and other emerging markets such as hydrogen and CCUS.

Furthermore, other new measures will enable the extension of the energy price cap beyond 2023, shielding millions of customers across the country from being overcharged. The price cap limits the amount suppliers can charge for each unit of gas and electricity and for the daily standing charge.

Secretary Kwarteng also revealed that the Energy Security Bill will look to reduce the number of cabling, landing points, and substations by introducing multi-purpose interconnectors as a licensable activity. This will provide certainty to investors and developers, enabling them to make decisions regarding future projects.

Measures set to be introduced include those to support the deployment of low carbon technologies at scale such as carbon, capture, usage and storage (CCUS) and hydrogen. This is expected to help drive investment by giving businesses the certainty they need.

Chief Executive of National Grid, John Pettigrew, said: "The Energy Security Bill builds on the positive steps the government outlined in its British Energy Security Strategy. National Grid plays a vital role at the heart of the energy transition and we look forward to continuing to work together with Government to realise its bold net zero goals including delivering 50 GW of offshore wind power by 2030 and establishing an independent system operator and planner."

Director of External Affairs at the Energy Networks Association, Ross Easton, said: "As the first dedicated energy legislation in nearly a decade, today’s Energy Security Bill is a welcome opportunity to enable a cleaner, more affordable and more secure energy system. With record levels of electric vehicles, renewable energy capacity and heat pumps being introduced, alongside new technologies such as low carbon hydrogen, the role of our energy networks in integrating these technologies into the energy system has never been more important."

Director of Advocacy at Energy UK, Dhara Vyas, said: "The energy industry is ready to deliver an affordable, clean power system that will benefit consumers and the UK economy. The Energy Security Bill will help to ensure the UK’s long-term energy supply and a cheaper and cleaner system overall. With the cost of energy reaching unprecedented levels it’s right that the government urgently legislates to protect consumers, whilst also delivering frameworks and regulation to support the decarbonisation of the UK economy so that it reduces bills in the long term."

Chief Executive of the Carbon Capture and Storage Association, Ruth Herbert, said: "Carbon capture, utilization and storage has a critical role to play in reducing the UK’s emissions and in the development of our industrial regions, where investment in new infrastructure can put us at the forefront of the global net zero transition.

"The CCSA has worked with the UK government on a credible investment framework for CCUS deployment and we are pleased to see the Energy Security Bill laid in Parliament today to implement it. We look forward to confirmation of the first wave of carbon capture projects and a clear plan for subsequent projects to move ahead as soon as possible, given their vital role in our future low carbon economy, driving inward investment and maintaining and creating green jobs for the future."

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UK Business and Energy Secretary to introduce Energy Security Bill

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