The Department for Business, Energy and Net Zero (DESNZ) has announced that new powers for the North Sea Transition Authority (NSTA) will shortly be brought forward in an amendment to the Energy Bill which had its second reading in the House of Commons on the 9th of May 2023.
The bill aims to deliver a cleaner, more affordable, and more secure energy system over the long-term for the UK, while liberating private investment in clean technologies.
The government plans to grant the NSTA, as a carbon storage regulator, powers to obtain information and samples from those who have a licence already to store carbon.
These will give the information needed about the geological features of hidden underground spaces underneath the North Sea that have already been mapped. This will help develop an encyclopaedic knowledge about what lies beneath the waves and confirm the likely scale of the industry this could create, helping to encourage private investment.
Source: DESNZ.