Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking with Ofgem to help ensure that the UK attracts international investment as part of the Government’s ongoing work on net zero by 2050.

The Government’s Green Finance Strategy set out our overall approach to accelerating green finance and catalysing private investment to support delivery of the UK’s climate objectives.

Ofgem consults widely with industry and others on the methodology for future network investment through its price control process. This process is a matter for Ofgem, and by law Government has no role in network regulation.

With significant investment required going forward, it is essential there is a stable regulatory regime which provides both the sector and investors with the confidence to invest. At the same time, Ofgem has a statutory duty to ensure that value is delivered for consumers, and Government supports Ofgem’s core priority to help the UK achieve net zero by 2050, including securing the necessary investment in networks, at the lowest cost to consumers.