Tasked with conducting an independent review into reducing energy costs whilst meeting climate change obligations, Professor Dieter Helm published his report on 25 October which contains far-reaching reforms for the industry. After assessing the energy supply chain over the past few months, he has pinpointed shortcomings and come up with recommendations which are said will transform the sector and create security around supply and transformation within the industry whilst reducing and managing carbon emissions.
Professor Helm has underlined the fact that current policies, regulations, and market design are some of the factors behind increased costs around energy as they are ill-suited to the current landscape within the sector. The main contributor to high prices is the complexity of the existing system, with numerous interventions and policy changes further muddying the water.
Amongst his proposed recommendations is the review of tariffs, management of legacy costs, carbon management and reduction, a redistribution of duties currently undertaken by Ofgem, regulation, and security of supply and distribution, and definition of Government’s role in the sector.
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