News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Britain's energy security bill set to become law

07/06/2022 | 06:53am EDT
Electricity pylons are seen in Wellingborough

LONDON (Reuters) - The British government said on Wednesday that plans to bolster the country's energy security, diversify away from fossil fuels and protect consumers from spiralling prices are set to become law.

Britain's energy security bill will be introduced to Parliament on Wednesday and includes 26 measures to reform the energy system and reduce its dependency on fossil fuels and exposure to volatile gas prices.

Global energy prices have skyrocketed this year, particularly after Russia's invasion of Ukraine which has led to many European countries trying to reduce reliance on Russian pipeline gas and seek cheaper alternatives.

The bill will help drive 100 billion pounds ($119 billion) of private sector investment by 2030 into industries to diversify Britain's energy supply, including hydrogen and offshore wind, and create around 480,000 jobs by the end of the decade, the government said.

"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 bill will establish a new independent system operator to coordinate and plan Britain's energy system.

It will also enable the extension of a cap on retail energy prices beyond 2023, which limits the amount suppliers can charge for each unit of gas and electricity.

The bill will also enable the secretary of state to prevent potential disruptions to the downstream oil sector due to industrial action or malicious protests, the government added.

($1 = 0.8375 pounds)

(Reporting by Nina Chestney; Editing by Kim Coghill)

By Nina Chestney


© Reuters 2022
Latest news "Economy & Forex"
09:35aTSX opens lower as energy, material stocks fall
RE
09:31aU.s. oil futures turn positive in volatile trade after falling b…
RE
09:26aCanadian retail sales unexpectedly strong in June, but July drop looms
RE
09:18aEuropean refinery production drops 0.8% yr/yr in July -Euroilstock
RE
09:18aChina to repay more depositors in Henan bank scandal
RE
09:16aLithuania postpones maintenance on power cable to Sweden due to tight market
RE
09:14aFinnish premier slams leaked video of her dancing
RE
08:58aImportant to bring inflation closer to target, say India MPC members
RE
08:56aCanada Retail Sales Rise 1.1% in June
DJ
08:55aNorway's power grid operator cuts its tariffs to zero to help consumers
RE
Latest news "Economy & Forex"