Economic Affairs Committee
Investing in energy: price, security, and the transition to net zero

1st Report of Session 2022-23 - published 21 July 2022 - HL Paper 49



Chapter 1: Introduction

Our inquiry

Net zero and energy security

Table 1: Low-carbon target capacities

Box 1: Units of power

Figure 1: Timescales for energy investment


Figure 2: Capital expenditure and operational savings during the transition to net zero by 2050


Figure 3: Total power available from wind and solar in Great Britain in 2021

Supply and affordability crisis

Figure 4: Wholesale price of energy, January 2021–January 2022

Figure 5: UK natural gas supplies by source (billion cubic metres per year)

Chapter 2: Investment and action in the short term

Addressing the energy crisis

Home energy efficiency

Figure 6: Example of estimated savings achieved from moving from Band E to Band C, energy performance certificate

Figure 7: Home insulation rates by measure and year

Deployment of renewables: onshore wind

Extending the life of generating plants

Figure 8: Location and retirement dates of UK nuclear plants

EU-UK energy cooperation on gas

Chapter 3: Increasing investment in the transition

Market models

Contracts for Difference

Figure 9: How CfDs work

Cap and Floor model

Figure 10: Cap and floor mechanism

Regulated Asset Base model

Market models and low carbon technologies

Long-duration energy storage


Carbon capture and storage

Nuclear energy

UK Infrastructure Bank and net zero

Oil and gas

Gas storage



Grid investment

Role of the Future Systems Operator

Taxation system

Energy Profits Levy

Carbon pricing

Chapter 4: Financial regulation

Bank of England regulators

Taskforce on Climate-related Financial Disclosures

Green stress tests

Green taxonomy

Solvency II

Chapter 5: International cooperation

EU Common Purchase Platform

Supply chains for the transition

Figure 11: Global supply and demand per decade under IEA transition scenarios

Chapter 6: An energy strategy for the future

Summary of conclusions and recommendations

Appendix 1: List of Members and declarations of interests

Appendix 2: List of witnesses

Appendix 3: Call for evidence

Evidence is published online at and available for inspection at the Parliamentary Archives (020 7219 3074).

Q in footnotes refers to a question in oral evidence.

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