Amid companies looking out for devising new strategies towards building a clean and healthy economy, Ofgem, the government regulator for electricity and gas markets in Great Britain, has announced its plan on supporting investment in low-carbon technology.
The government regulator reportedly issued a nine-point climate action plan to support introduction of 10m electric vehicles on roads by the end of 2030. It also supports a fourfold increase in offshore wind generation meanwhile protecting households from increasing electric bills.
Apparently, the nine-point declaration holds good to boost low-carbon home heating tariffs which encourage homes to help balance the energy systems and a restriction on greenwash energy deals.
Under the new plan, network companies stand a chance to ask for a change in spending plans during set windows which would help them adapt their green investment plan as sector advances.
Initially set up to regulate energy companies and preserve consumer interests, Ofgem is said to face tradeoffs between supporting ambitious green investments and guarding homes against the rising costs.
Speaking of nine-point plan, the regulator has apparently set up a governmental fund to invest in climate-change solutions along with working closely with industries and government to decarbonize heating. Other than these, there are multiple other actions out planned in the action plan.
Ofgem’s chief executive, Jonathan Brearley reportedly quoted that the energy regulator is adopting a strategy which perceives that its job securing consumers includes accomplishing net zero. He further added that with expanding low carbon renewable energy and transportation being highly electric, there stands a need for energy systems to be more flexible to respond to troughs and peaks in demand and supply both.
Meanwhile, the chief executive of Citizens Advice, Gillian Guy commented that Ofgem has rolled out right challenges pertain got energy crisis, and now it must work extensively on delivering them right. Additionally, Nicola Shaw, the UK boss of National Grid has applauded the decision of Ofgem and is ready to share the regulator’s commitment in building a cleaner economy over time.
Source credit: https://www.theguardian.com/business/2020/feb/03/ofgem-sets-out-nine-point-plan-to-prioritise-climate-crisis