Up to £110 billion of private sector investment in the electricity sector is set to be unlocked with the publication of the Electricity Market Reform Delivery Plan, according to the Department of Energy and Climate Change.
DECC has said the investment is needed by 2020 alongside crucial measures to improve the security of electricity supply, which will be made possible now that the Energy Bill has received Royal Assent.
There has been over £31 billion of investment announced in renewable electricity generation projects since 2010, and this package is expected to attract around £40 billion of investment in renewable electricity by 2020.
Secretary of State for Energy and Climate Change, Edward Davey said: “We have driven the Energy Bill through Parliament on time to send out a clear signal to investors and industry. We have delivered the certainty they need and confirmed Britain’s position as one of the most attractive countries in the world to invest in energy generation.
“We are now able to build on the measures already in place to deliver cleaner energy, affordable bills, energy security and the creation of thousands of skilled green jobs across the UK.”