Government must empower regulators to facilitate investment in a strategic way that address the long term challenges of net zero, energy security and climate resilience by:
- setting out a long term strategic vision for each of the regulated sectors, through strategic policy statements, updated during each Parliament
- requiring regulators to enhance the role of competition by introducing legislation to remove any barriers to the use of competition and focusing ‘standard’ periodic price controls on the maintenance of existing networks and using tendering processes for strategic enhancements, with a clear, public justification required where tendering is not used.
