Queen’s speech unveils new Energy Bill
12th May 2022
A new Energy Bill was announced on 10 May 2022 as part of the Queen’s Speech. The Bill will help “deliver the transition to cheaper, cleaner, and more secure energy”, read Prince Charles.
Main elements of the Bill include:
- measures to support industry to step up investment in growing the consumer market for heat pumps
- appointment of Ofgem as the new regulator for heat networks
- the first ever large-scale hydrogen heating trial
- an extension of the energy price cap
- the introduction of competition in Britain’s onshore electricity networks
- creation of a new pro-innovation regulatory environment for fusion energy
- facilitation of the safe and cost-effective clean up of the UK’s legacy nuclear sites
- introduction of state-of-the-art business models for Carbon Capture Usage and Storage (CCUS) transport and storage, as well as low carbon hydrogen and industrial carbon capture
- government powers to direct, require information from and provide financial assistance to core fuel sector businesses, to reduce the risk of fuel supply disruption.
In addition to the Energy Bill, the Queen’s Speech included the Levelling Up and Regeneration Bill, which involves planning reform to facilitate off-shore wind targets, as well as increased nuclear and solar power targets.
Walker Morris will monitor and report on developments.