The King’s Speech has generated mixed responses from the energy sector, with calls for specific policies to support renewable energy and concerns about the impact of energy-related measures on households

The Prime Minister describes the speech as his vision for “an improved Britain”

Experts have expressed concerns over the announcement of annual North Sea oil and gas licences, stating that this move may not enhance energy security or lower gas bills

The UK Government plans to award licences for North Sea oil and gas projects annually, with a focus on meeting net zero targets, while Greenpeace opposes these licences as “backward-facing”

The energy giant has announced a $3.5 billion buyback programme set to run for the next three months, increasing the total buybacks for 2023 to around $23 billion

The legislative package will reportedly involve potential energy-related measures, including future oil and gas drilling in the North Sea

Energy Minister Claire Coutinho states that the approval of new North Sea drilling licences will contribute to the reduction of the UK’s energy import dependence

Claire Coutinho has warned that if the UK doesn’t start new drilling projects, declining North Sea oil production could make the country rely on foreign energy sources

Urgent action to reduce methane emissions from fossil fuel operations is essential to meet global climate targets, the International Energy Agency has warned

INEOS Chairman Sir Jim Ratcliffe has voiced concerns over the UK’s energy policy, attributing a 40% decline in North Sea oil flows to punitive taxes and inconsistent political messages