The U.K. Energy Bill entered into law after receiving royal assent today, reshaping the country’s electricity market in an effort to stimulate 110 billion pounds ($180 billion) of investment through 2020.
After passing its final parliamentary hurdle a week ago, the legislation was approved by Queen Elizabeth II, enabling it to become law, a spokesman for the Department of Energy and Climate Change said by phone. That ended a three-year process that began with a consultation on proposed changes.
Provisions in the law are designed to spur the investments the government said are needed to keep the electricity flowing and reduce carbon emissions. Measures include contracts to guarantee prices for renewable power and a market for spare generation capacity that would benefit gas-fired stations.
“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,” Maria McCaffery, chief executive officer of the RenewableUK lobby group, said in an e-mailed statement. “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.”