Britain’s energy security bill set to become law

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.

Britain’s energy security bill will be introduced to Parliament on Wednesday and includes 26 measures to reform the energy system and reduce its dependency on fossil fuels and exposure to volatile gas prices.

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.

The bill will help drive 100 billion pounds ($119 billion) of private sector investment by 2030 into industries to diversify Britain’s energy supply, including hydrogen and offshore wind, and create around 480,000 jobs by the end of the decade, the government said.

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