Speculation suggests that the announcement could feature ambitious targets for renewables, nuclear and hydrogen.
However, climate campaigners worry that the presentation will prioritise the interests of the fossil fuel industry over environmental concerns.
According to sources, UK oil and gas firms could be granted windfall tax relief by the government in a bid to enhance energy security and encourage investment.
Chancellor Rishi Sunak is reportedly set to offer a proposal to the sector, outlining plans to waive the 35% windfall tax on profits if energy prices drop below a certain “normal” long-term level.
The event follows pressure on Energy Secretary Grant Shapps and Chancellor Jeremy Hunt to respond meaningfully to US President Joe Biden’s climate subsidies through the Inflation Reduction Act, with some major companies reportedly reallocating investments to the US.
ELN has reached out to the Department for Energy Security and Net Zero for comment.