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Winter 2022 23 ENERGY MARKETS FINANCING SCHEME HM Treasury is announcing a joint scheme, working with the Bank of England, to address the extraordinary liquidity requirements faced by energy rms operating in UK wholesale gas and electricity markets. e Energy Markets Financing Scheme will enable stability to both energy and nancial markets, and the economy, and reduce the eventual cost for businesses and consumers. e scheme will provide short term nancial support and will be designed to be used as a last resort. INCREASING SUPPLY e government is taking action to accelerate domestic energy supply, increase energy resilience and achieve its ambition to make the UK an energy exporter by 2040. is will include: Launching a new oil and gas licensing round, expected to lead to more than 100 new licences. Lifting the moratorium on UK shale gas production, enabling developers to seek planning permission where there is local support, which could get gas owing in six months’ time. Driving forward the acceleration of new sources of energy supply from North Sea oil and gas to clean energy like nuclear, wind and solar. Continuing to progress up to 24GW of nuclear by 2050, with Great British Nuclear helping to set direction of getting new nuclear projects online in the UK. Undertaking fundamental reforms to the structure and regulation of energy market through recommendations from a new review of the UK energy regulation. Launching a review to ensure the country is meeting its net zero 2050 target in an economically-e cient way, given the altered economic landscape. Chaired by Chris Skidmore MP and reporting by the end of this year, it will ensure delivering the target is not placing undue burdens on businesses or consumers. <<