Ofgem welcomes new net zero mandate

June 07, 2023 01:15 AM BST | By PAMEDIA
Follow us on Google News:

Energy regulator Ofgem has welcomed a new plan to give it a mandate to help Britain reach its climate change targets.

The watchdog said that, for the first time, its objectives will directly align the interests of consumers across the country with the UK’s plan to get to net zero by 2050.

The change comes in an amendment to the Government’s energy Bill.

Until now Ofgem has been tasked with protecting the interests of existing and future gas and electricity consumers.

It has also been told to protect these customers’ interests by reducing greenhouse gas emissions in the supply of gas and electricity.

But now it will be tasked with protecting future consumers’ interests by supporting the Government to reach its 2050 net zero target.

Ofgem chief executive Jonathan Brearley said: “Our fundamental objective will always be to protect the interests of existing and future consumers. It is at the heart of everything we do.

“Ofgem welcomes this mandate, which brings us in line with the UK Government’s legal obligations and, for the first time, directly links consumers’ interests to specific net zero targets.

“We’re clear consumers are best protected by building a low-carbon, low-cost energy system, scaling up long-term investment and stabilising prices with clean energy.

“The mandate sends a clear message: we must end our historic dependency on fossil fuels and stop our exposure to volatile global markets.

“We’re laying the foundations for the energy system of the future.

“The net zero mandate has overwhelming backing from every part of the energy industry, consumer campaigners and climate activists. It underlines net zero is the best option, not only from a climate perspective, but to ensure a secure, low-cost energy future.”

Greenpeace UK’s policy director, Doug Parr, said: “We’re glad that the Government has seen sense on this. Ensuring the UK’s energy regulator has a legal requirement to help meet our emissions targets is critical to getting more renewables into our energy mix.”


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Top LSE Listed Companies