The Queen’s speech has introduced a new energy bill in the UK, with the objective of developing a secure and domestically sourced energy system.
The bill comprises ten key components, including provisions to support the industry in increasing investment for the expansion of the consumer market for heat pumps. It also aims to extend the energy price cap to safeguard consumers against excessive charges from energy suppliers. Encouraging investment and fostering innovation in the onshore electricity networks of Britain is another crucial aspect of the bill.
Furthermore, the bill intends to establish a regulatory framework that promotes innovation in nuclear fusion energy. It also aims to construct business models for the transport and storage of carbon capture, utilization, and storage (CCUS), as well as for low-carbon hydrogen and industrial carbon capture.
Overall, the bill seeks to create a favourable environment for technological advancement and sustainable energy practices, with a focus on supporting the growth of various sectors within the energy industry in the UK.
