On Wednesday, the British government announced that measures to strengthen the country’s energy security, diversify away from fossil fuels, and shield consumers from spiraling costs would become law.
Britain’s energy security bill, which comprises 26 proposals to change the energy sector and decrease its reliance on fossil fuels and susceptibility to fluctuating gas prices, will be brought to Parliament on Wednesday.
Global energy costs have soared this year, notably after Russia’s invasion of Ukraine, which has driven several European nations to seek cheaper alternatives to Russian pipeline gas.
According to the government, the bill would help push 100 billion pounds ($119 billion) of private sector investment by 2030 into businesses that will diversify Britain’s energy supply, such as hydrogen and offshore wind, and will generate about 480,000 jobs by the end of the 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,” Business and Energy Secretary Kwasi Kwarteng said in a statement.
The legislation will create a new independent system operator to coordinate and plan the UK’s energy infrastructure.
It would also allow the continuation of a retail energy price cap beyond 2023, limiting the amount providers may charge for each unit of gas and electricity.
According to the administration, the measure would also allow the secretary of state to avert possible interruptions in the downstream oil industry caused by industrial action or malicious demonstrations.