Ofgem, International Energy Agency (IEA), International Renewable Energy Agency (IRENA) and World Bank have launched a global “Regulatory Energy Transition Accelerator”.
The initiative will help regulators from around the world accelerate the transition from fossil fuels to clean energy at the lowest cost.
The Regulatory Accelerator will enable them to collaborate to “seize opportunities and solve problems” to speed up the global energy transition at the lowest cost.
In particular the initiative could help countries with less developed energy systems to leapfrog the carbon-intensive paths other countries have previously taken.
Jonathan Brearley (pictured), chief executive of Ofgem, said: “Climate change is a global problem – and we need global solutions to the challenges we share as we build clean, secure energy systems to deliver our Paris climate commitments.
“The accelerator will help regulators to learn from each other’s experiences and develop new approaches for the systems of the future. We are keen to see as many regulators as possible join the accelerator, particularly those from developing countries.
“We must think entirely differently to power the global economy without fossil fuels.
“It’s clear that the future for all of us lies in flexible energy systems powered by clean electricity, paid for fairly. In the long term this will better shield consumers from commodity price shocks as well as protecting the planet we all share.”
Around 15 countries, including regulators from every continent, have already committed to participating in the accelerator.
Participating energy regulators include Australian Energy Regulator, the Public Utilities Commission (California), the Energy Commission (California), the Electric Utility and Consumer Protection Regulatory Agency (EgyptERA, Egypt), the Energy Regulatory Commission (France) and the Public Utilities Commission (Hawaii).
The UK government and the IEA have agreed to provide seed funding to set up and co-ordinate the accelerator for the first year.
The accelerator will be governed by a steering committee made up of representatives from the delivery partners, and a selection of representative regulators, and chaired or co-chaired by regulators on a rotating basis.
Common challenges regulators around the world must address include meeting rising electricity demand, as more transport is electrified, by planning and building new networks at the lowest cost.
Regulators must also supporting a rapid increase in renewable power, including through greater system flexibility and interconnection of energy networks across borders.
The accelerator will ensure that relevant knowledge and expertise from the World Bank, the IEA and IRENA as well NGOs specialising in assisting regulators are brought into its work programme.