Lords back Ofgem net zero amendment
The UK Upper House is supporting our recommendation regarding a change to the energy regulator's remit
The UK House of Lords has this week amended the Energy Bill currently making its way through parliament to give the energy regulator Ofgem a remit to consider net zero targets when making decisions.
The Bill contains numerous provisions aimed at accelerating adoption of carbon capture, utilisation and storage technology across the UK as well as hydrogen production and alternative transport fuels.
The move follows a joint letter from a collective of business groups, including the GIIA, Energy Networks Association, Hydrogen UK and Carbon Capture and Storage Association, calling for such an amendment and the delivery of other positive measures contained in the Bill.
The correspondence with Energy Secretary Grant Shapps stresses that "empowering Ofgem with a Net Zero mandate will allow for strategic investment, removing a clear barrier to investment in the low-cost, low-carbon energy system we are all working towards."
The collective also calls on "the Government to publish the long-awaited Strategic Policy Statement to Ofgem so they can further the delivery of net zero in their decision making."