The Department of Energy and Climate Change (DECC) has announced the scrapping of 86 regulations plus 48 regulatory regimes in its efforts to cut red tape and bureaucracy.
DECC has estimated that these moves, plus other reforms, will save businesses over £400m during the next 20 years. Primary aims include the simplication of the European Emissions Trading Scheme and Carbon Reduction Commitment regimes. Ofgem have also set out ways to reduce regulatory burden on businesses which includes a review of information requests to businesses to avoid duplication and publishing a schedule of future consultations.
Energy minister Charles Hendry said: “Energy is vital to the economy and essential to driving growth. It is also the biggest infrastructure sector in the UK. Our reforms aim to stimulate over £100bn of new investment in the electricity sector and could support around 250,000 total jobs in electricity to 2030.
“It is therefore vital that we have a regulatory regime which promotes fairness and consumer and environmental protection, but does not impose unnecessary costs or barriers to generating the necessary investment, innovation and skills we need to build the low carbon economy.
“The Red Tape Challenge has provided the opportunity to ensure we continue to meet these objectives. We have listened to our stakeholders as they suggested regulations which add cost or complexity without effectively leading to protections, and I am pleased to announce that DECC will scrap or improve 134 regulations.”