The paper, which was launched on 12 November at the Merseyside Maritime Museum, is written by Regen and supported by SP Energy Networks. It examines whether the current regulatory model for electricity networks is still fit for purpose to lead the energy transformation and deliver the scale of investment needed to achieve net zero carbon. A core finding of the paper is that radical reform of the current regulatory model for the energy networks is needed to meet the climate emergency, and to ensure public trust that the industry can deliver a zero carbon energy system that is sustainable, resilient and affordable.
The recommended reforms include:
The establishment of a new national office to drive energy strategy and oversee the net zero transition
Increased devolution of decarbonisation and sustainable energy delivery to regional bodies who would work with industry, city regions and communities to lead a local energy revolution
Embed decarbonisation objectives and outputs within the regulatory model
Require networks to include in their business plans a range of net zero carbon options that can be quickly enacted to meet changing requirements
Ensure network companies fulfil their role in achieving a just transition to a low carbon society.
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