Britain's energy security bill set to become law

LONDON -

The British government said that plans to bolster the country's energy security, diversify away from fossil fuels and protect consumers from spiralling prices are set to become law.

Britain's energy security bill will be introduced to Parliament on Wednesday and includes 26 measures to reform the energy system and reduce its dependency on fossil fuels and exposure to volatile gas prices.

Global energy prices have skyrocketed this year, particularly after Russia's invasion of Ukraine which has led to many European countries trying to reduce reliance on Russian pipeline gas and seek cheaper alternatives.

The bill will help drive 100 billion pounds ($119 billion) of private sector investment by 2030 into industries to diversify Britain's energy supply, including hydrogen and offshore wind, and create around 480,000 jobs by the end of the decade, the government said.

"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," Business and Energy Secretary Kwasi Kwarteng said in a statement.

The bill will establish a new independent system operator to coordinate and plan Britain's energy system.

It will also enable the extension of a cap on retail energy prices beyond 2023, which limits the amount suppliers can charge for each unit of gas and electricity.

The bill will also enable the secretary of state to prevent potential disruptions to the downstream oil sector due to industrial action or malicious protests, the government added.

Related News

extreme weather affects grid

Longer, more frequent outages afflict the U.S. power grid as states fail to prepare for climate change

WASHINGTON - Every time a storm lashes the Carolina coast, the power lines on Tonye Gray’s street go down, cutting her lights and air conditioning. After Hurricane Florence in 2018, Gray went three days with no way to refrigerate medicine for her multiple sclerosis or pump the floodwater out of her basement.

What you need to know about the U.N. climate summit — and why it matters
“Florence was hell,” said Gray, 61, a marketing account manager and Wilmington native who finds herself increasingly frustrated by the city’s vulnerability.

“We’ve had storms long enough in Wilmington and this particular area that all…

READ MORE
maine electrical worker

Construction starts on disputed $1B electricity corridor

READ MORE

jeff yurek

Court quashes government cancellation of wind farm near Cornwall

READ MORE

solar panels

Solar power growth, jobs decline during pandemic

READ MORE

power plant operations

IAEA - COVID-19 and Low Carbon Electricity Lessons for the Future

READ MORE