Great British Energy Bill

Great British Energy Bill: IET comments on a call for evidence by the GB Energy Bill Committee on 4 October 2024.

The Institution of Engineering and Technology has responded to a Call for Evidence by the GB Energy Bill Committee to provide expertise on the GB Energy Bill.

In this response, we raised concerns about the lack of governance and oversight provided in the Bill. We asserted that greater clarity needs to be provided around this, including defining governing structures and how its relationship with existing structures like Ofgem and NESO.

 GB Energy needs a clear, joined-up set of priorities and a purpose or mission. This must provide long-term certainty for investors and stakeholders with the appropriate level of government oversight.

To achieve this, the IET recommended the following guiding principles when setting up GB Energy:

• The Government must outline the remit for GB Energy, set its objectives, and give it a purposeful mission for delivery in the Articles of Association.
• There needs to be greater clarity around the governance and oversight of GB Energy, defining who it will be governed by and how it will operate within the remit of existing structures such as NESO and Ofgem.
• To distinguish GB Energy from existing sector stakeholders, the Government must be mindful of all existing market actors when setting the purpose, objectives, and mission.
• The Secretary of State should be mindful of the importance of medium- and long-term stability and certainty when delivering his statement of strategic priorities.
• The Secretary of State must clearly define the metrics for GB Energy’s success.