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The Energy Act 2023 brings in an era of energy independence and affordability, ensuring that households and businesses can access reliable energy while taking significant steps towards achieving net-zero emissions. This legislation is expected to attract over £100 billion in private investments in energy infrastructure, promoting economic growth and job opportunities in the process.
A key highlight of this Act is its focus on accelerating the development of offshore wind energy, an essential component of the UK’s net-zero commitment. It aims to optimise energy systems’ efficiency, reduce costs, and protect consumers’ interests. For instance, the new tender process for onshore electricity networks is projected to save consumers up to £1 billion by 2050, while consumer protections and incentives for low-carbon heat pumps will lead to additional savings of £5.6 billion.
What’s more, the Act not only prioritises economic growth but also reinforces the nation’s energy security. It introduces a specific merger regime for energy networks, designed to prevent detrimental effects on consumers. Moreover, it extends Ofgem’s regulatory scope to heat networks, ensuring fair pricing and improved service quality for consumers.
Additionally, the Act facilitates the expansion of carbon capture sites and fusion regulation, positioning the UK as a pioneer in fostering green technology and renewable energy solutions. A new independent body, the Future System Operator, will guarantee secure and decarbonised energy access, promoting lower energy costs for consumers.
Emma Pinchbeck, CEO of Energy UK, welcomed the Act, emphasising its role in providing long-term certainty for the energy sector and attracting private investment.
Read more from the Department of Trade’s press release: Read Article
InvestUK is committed to helping international investors participate in the UK’s growing renewable energy sector, and this legislation provides a strong foundation for their endeavours. Using our portfolio of 250+ pre-screened qualifying UK companies, InvestUK can help you to make an investment in an exciting UK business or infrastructure project. Contact us to find out more.