New energy bill to stop astronomical price rises for millions of Brits

BBC Breakfast: Naga grills Ofgem boss on energy prices

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The Energy Security Bill, introduced into Parliament yesterday by Mr Kwarteng, promises a more secure system, with 26 measures to shield consumers from eye-watering prices.

He 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.

“Measures in the Energy Security Bill will allow us to stand on our own two feet again, re-industrialise our economy and protect the British people from eye-watering fossil fuel prices into the future.”

Russia’s war in Ukraine has sent global energy prices rocketing, forcing countries across the world to reduce their reliance on foreign pipelines and seek cheaper alternatives. The new powers will enable the extension of the energy price cap beyond 2023, shielding millions of customers from being overcharged.

Measures set to be introduced include supporting the rollout of low-carbon technologies and the development of a new green hydrogen industry. This will enable the UK to decarbonise sectors such as transport.

The CBI’s Tom Thackray said: “The Energy Security Bill will help address vulnerabilities laid bare by the global gas and oil crises.

“The Bill’s much-needed measures will accelerate the United Kingdom’s shift to net-zero power, while helping grow key green technologies.”

Melanie Onn, of Renewable UK, said: “The measures will accelerate the UK’s transition to energy independence by enabling us to deploy home-grown renewable technologies.

“These proposals will help consumers by cutting expensive gas imports and replacing them with locally-generated clean power which we control.”

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