The package will include extra support for the deployment of low-carbon technologies at scale such as carbon capture, usage and storage, and hydrogen.
The Department for Business, Energy & Industrial Strategy (BEIS) said the plan would allow Britain to secure a ‘first mover advantage’ in capturing some of the global market share for these technologies and could help prop up the UK’s flagging economy.
The Energy Security Bill also includes measures to further the deployment of heat networks and drive down the cost of electric heat pumps. Heat network consumers typically pay a lower price for their heat than those on an individual gas boiler, while replacing a gas boiler with a heat pump can reduce a home’s energy use by well over 50 per cent.
Ofgem will also be appointed to oversee regulation of the heat networks market – currently around 480,000 British consumers – to ensure fair prices are charged, including by enabling the regulator to investigate...