Boosting Green Investment - The UK Energy Act 2023

The Energy Act 2023 has been crowned one of the largest pieces of legislation in the UK’s history, formally approved by the monarchy on October 26^th, 2023.

The Energy Act has now become law in the UK; it includes multiple significant changes to create a more efficient energy system. This new system will uphold the growing number of electrified technologies emerging as the nation moves towards net-zero targets.

A significant aspect of the Energy Act is its intention to increase competition in Great Britain’s onshore electricity networks through newly introduced processes. This means we will see reduced network operation and development costs within the market, thus saving consumers up to £1 billion on their energy bills come 2045.

Further notable changes made by the Energy Act include a specific merger regime for energy networks that will also be created under the Competition and Markets Authority; this will support new measures for Energy Smart Appliances, an expansion of Ofgem’s merit to heat networks and new consumer protections and frameworks.

A statement from Energy Secretary Claire Coutinho said, “The Energy Act is the largest piece of energy legislation in a generation. It will boost investment in clean energy technologies and support thousands of skilled jobs within a thriving market across the country.”

The Energy Act 2023 will lay the foundations for greater UK energy independence; this will allow us to be more secure from outsourcing our energy, helping us to power the country from our own resources.

The act will play a huge role in offsetting financial burdens on families in the UK as we transition to net zero and form a central part of national efforts to keep people’s energy bills affordable in the long term.

If you are searching for a job within the renewable energy sector or are looking for someone to guide you in your hiring process, you can visit our renewable energy sector page here.