Ofgem has suggested the creation of an independent body to pave the way to net zero at the lowest cost for energy consumers.
The new independent body would be separate from the National Grid and would help charge millions of EVs, creating a huge surge in renewable power while maintaining secure energy suppliers.
Ofgem has estimated an independent body running the electricity system could save consumers £0.4-£4.8 billion between 2022 and 2050.
Responsibilities of the new independent body could see them taking a more active role in planning and designing a new grid infrastructure, while also providing advice on other ways to hit net zero targets.
Jonathan Brearley, chief executive of Ofgem, said:
“The energy system needs to go undergo the biggest transformation in over a century to meet Britain’s ambitious climate goals."
“Ofgem is recommending the creation of an independent body to help deliver the fundamental changes in how we use energy."
“This would help bring forward green economic growth, accelerate our journey towards net zero and save consumers money on their energy bills.”
Kwasi Kwarteng, Business and Energy Secretary, said:
“As the first major economy to commit in law to net zero carbon emissions by 2050, the UK is leading the green industrial revolution."
“Meeting our far-reaching targets will mean changes to how we turn the lights on, travel to work and even cook our meals. Which is why we must ensure that the energy system is designed to provide the very best for consumers and allows energy companies to keep innovating as we build back greener."
“I welcome Ofgem’s contribution to the debate over the future structure of our energy system and will consider its recommendations thoroughly."