Energy Act 2023
The Energy Act 2023 received Royal Assent on October 26, and was introduced as the Energy Bill in the Queen’s Speech in 2022. Hailed by the government as 'the biggest piece of energy legislation in the UK’s history... laying the foundations for an energy system fit for the future.'
Key elements of the Act:
- To establish the National Energy System Operator known as the Future System Operator (FSO); an independent system operator and planner, taking and operating in a whole system approach. It will hold responsibilities for operations, strategic planning, long-term forecasting and market strategy, to maintain energy security and minimising costs for consumers.
- To support the storage, transport, capture of carbon and decommissioning installations and to help leverage private investment along with any relevant regulations required.
- To support the storage, transport and production of hydrogen and to help leverage private investment with along any relevant regulations required.
- To support the growth of heat networks and designated heat network zones storage, along with any relevant regulations required.
- Creating better competition within the electricity and gas markets to better serve the ultimate consumer, and competitive tendering for onshore electricity networks
- To create new governance frameworks for the energy industry codes and make changes to the legal processes involved in offshore wind projects in the UK to speed up the transition.
For further information visit: https://www.legislation.gov.uk/ukpga/2023/52/contents/enacted
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