What is the Energy Security Bill?
This landmark bill, initially set out as part of the Queens Speech earlier this year, was introduced to Parliament on the 6th July 2022, with a view to starting the process for it to be made into law. With over 26 Measures it is seen as the most significant piece of energy legislation in over a decade.
These measures focus on three main areas:
- Reforming the energy system to protect customers.
- Increasing the leverage of private investment in clean technologies to develop domestic generation.
- Ensuring the safety, security & resilience of the United Kingdom’s energy system.
These measures cover the extension of the existing & future price cap, the establishment of the “Future Systems Operation”, as well as the development of emerging energy sectors (Heat Networks and Hydrogen), providing protection for consumers from network merger costs, and boosting nuclear power opportunities, alongside numerous other initiatives.
The full list of measures can be found on the Governments Website: https://www.gov.uk/government/news/plans-to-bolster-uk-energy-security-set-to-become-law
John Pettigrew, the Chief Executive of National Grid, was quoted as saying:
“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.”
Are there any measures in place to help Homes & Businesses in the meantime?
Although these measures are a welcome boost to Homes & Businesses, the Government has highlighted that the construction of a new energy infrastructure and creating market reform can take quite some time to be put into place. With this being the case, the Government have implemented a package of £37 billion, to help households with the impending increase in the Energy Price Cap from October 2022.
In addition to these measures, due to continuing high global gas costs that are linked to electricity prices (See our article dated 20th June 2022), the Review of the Electricity Market Arrangements (REMA), as announced as part of the British Energy Security Strategy, is continuing to be reviewed by Government ministers, with options due to be set out later this Summer.
Although these changes are a welcome help to Domestic Customers, unfortunately there are no such immediate measures helping Commercial Businesses at this time.
Is there anything Commercial Businesses can do to reduce their Energy Consumption & Spend?
Although these new measures are welcomed, it will take several years for the benefits to be felt by businesses, however CostAdvice are here to help.
If you are struggling with Rising Energy Prices, are dealing with problem queries or would like to take advantage of our No-Obligation Energy Audit, please contact Daniel Walker on 01246 252788, or by e-mail at daniel.walker@costadvice.co.uk, whereby he will be happy to help.
