The Energy Act 2023 will introduce a new tender process for electricity networks that the Department for Energy Security and Net Zero (DESNZ) said will see consumers save up to £1bn off their energy bills by 2050.

A new regime for overseeing mergers in the energy sector will also be created in an effort to minimise the risk that they will have detrimental effects on consumers. 

There are also new measures to prioritise safety for smart energy appliances that help consumers lower their energy usage at peak times.

Ofgem is being given an expanded remit to oversee heat networks, allowing the regulator to set rules on excessive pricing and improve the quality of service.

The Act includes new frameworks that incentivise the heating industry to invest in low-carbon heat pumps, and includes powers to deliver the smart meter roll-out by 2028, which could generate total bill savings to households of £5.6bn, DESNZ claims.

Energy security secretary Claire Coutinho...