The UK Energy Bill has become law after being given the seal of approval by the Queen today.
It received the Royal Assent in the House of Lords this morning, ending a three-year process that began with a consultation on proposed changes.
The Royal Assent is when the Queen formally agrees to make the bill into an Act of Parliament after having completed all the parliamentary stages in both Houses.
The Energy Bill is expected to help reshape the nation’s electricity market and attract £110 billion of investment through the Electricity Market Reform (EMR) by 2020. It will also enable the Government to set a 2030 decarbonisation target for the power sector and help deploy the projects needed to meet the target of generating 15% of energy from renewables by 2020.
Maria McCaffery, Chief Executive of RenewableUK said: “This has been a long and sometimes arduous process for everyone involved but we recognize that the Energy Bill has now become legislation and the framework for development beyond 2017 is known.
“There is still much work to be done between government and industry to ensure that obstacles are removed and much needed clean and domestic sources of energy can come forward.”