Trade association Energy UK and a group of energy companies have urged the government to amend the Energy Prices Bill.

Centrica, EDF, EON, ENGIE, Octopus, OVO, ScottishPower, SSE, Uniper, RWE, ESB, Sembcorp Energy, have sent a letter to the Business Secretary calling for changes in the proposed legislation as they believe it could “undermine the long-established principle of strong, independent regulation of the energy sector”.

More specifically, energy bosses said they were “alarmed” to see that clauses in the bill propose extensive powers for ministers.

They said: “The proposal to grant the Secretary of State powers to be able to widely modify licenses
and issue directions in times of an energy crisis, has the potential to impact just about everything energy companies do on an indefinite basis.

“As it stands, the bill would offer no protection from any resulting financial implications for companies from following such directions and little in the way of checks and balances typically seen in regulated market.”

The UK’s largest energy companies also stress that the proposal to set a cap on revenues made by renewable energy generators can “put green investments in jeopardy”, while clauses in the bill to give the Business Secretary powers to intervene to extend duration and the level of the default tariff cap “are equally concerning”.

ELN contacted BEIS for comment.

Article source: https://www.energylivenews.com/2022/10/21/energy-bosses-call-for-energy-prices-bill-amendment-amid-political-turmoil/