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.
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. “We’re going to slash red tape, get investment into the U.K., 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.
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.
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