14/05/2026
Yesterday King Charles outlined the government's agenda for the coming year, amidst a backdrop of political turbulence, in the King’s Speech. As usual energy and the environment were an important component of the agenda, the bills announced included:
- Energy Independence Bill: Will give ministers new powers to target energy bill support for those consumers who most need it and introduce greater energy efficiency measures for rented homes.
- Electricity Generator Levy Bill: Will increase the tax on ‘excess profits’ made by power suppliers, known as the ‘Windfall Tax’, the rate of it is increasing from 45% to 55% from 1st July 2026.
- Nuclear Regulation Bill: Will streamline the process for approving new nuclear energy projects.
- Clean Water Bill: Will merge the functions of several existing regulators, including Ofwat, to eliminate fragmentation within the water sector.
The speech stated that these bills will help achieve long-term goals of national energy security through increased production, greater investment & reform, increased renewables and protection against foreign influences on energy supplies.
