Lord Callanan said that it was vitally important to introduce policy for rebalancing electricity prices compared to the lower costs of natural gas. These price differences were attributed to green levies introduced to electricity bills to help decarbonise the UK grid. He said the government would be setting out its proposals later this year on looking at measures to start the process of rebalancing electricity costs. These related to both the need for effective system design, as well as reduced energy prices. The document said that plans would be finalised over the course of 2023 and 2024 to begin to rebalance electricity costs from the end of 2024 onwards.