Autumn Statement 2023—key Energy and Environment announcements

Article summary

In the Autumn Statement 2023, on 22 November 2023, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced the £960m Green Industries Growth Accelerator, an increase in the Plastic Packaging Tax (PPT) to £217.85 per tonne from 1 April 2024, and a freeze in the main and reduced Climate Change Levy rates for 2025–2026. An agreement between Ofgem and the government on the Connections Action Plan which will accelerate wind, solar and battery power generation connecting to the electricity grid has also been announced, alongside the publication of the Transmission Acceleration Action Plan which will reduce the end-to-end process of the electricity transmission network build to an average of seven years. In addition, the Chancellor confirmed the outcome of the call for evidence on the Oil and Gas Fiscal Regime Review and the Energy Security Investment Mechanism technical note have been published. Paul Rogerson, partner at CW Energy LLP, and Lucy Bruce Jones,...