Anticipated reforms to the electricity market were given the go ahead in the Queen’s Speech this morning. Recent reports had suggested changes to the energy markets had slipped down the agenda.
However, the Queen confirmed legislation would introduce the Green Investment Bank and added: “My Government will propose reform of the Electricity Market to deliver secure, clean and affordable electricity.”
The overhaul of the markets aims to drive much needed investment in low carbon generation, as old coal, gas and nuclear plants start to come offline in the coming years.
Jim Footner, head of Greenpeace’s climate and energy campaign, said: the Energy Bill announced today could save people money if implemented correctly: “It can do this by taking the side of the bill-payer and not the side of energy companies, who want us to fork out for expensive gas imports and nuclear energy.”
The Speech also promised a draft Water Bill.