In Summary, Ofgem welcomes the Government’s amendment to the Energy Bill. The regulator now has a statutory net zero duty. This brings Ofgem in line with the UK Government’s legal obligations and, for the first time, directly links consumers’ interests to specific net-zero targets.
Ofgem says the consumers are best protected by building a low-carbon, low-cost energy system, and the mandate sends a clear message we must end our historic dependency on fossil fuels and stop our exposure to volatile global markets.
It gives Ofgem a specific net zero mandate to protect existing and future consumers’ interests by supporting “the Secretary of State’s compliance with the Climate Change Act 2008 duties.