It is the Government's long awaited light bulb moment. The Energy Bill published today envisages changes that would reach into our lives.
By 2020 we will be paying nearly £100 a year more for energy. But whether bills will come down again afterwards is still in dispute.
The coalition will announce plans on updating the energy infrastructure of pylons and power stations, and cutting our reliance on carbon.
Under the proposal, annual statements would also breakdown the following:
- Contributions to environmental levies
- Costs of smart meters
- Energy investments
– Committee chairman, Tim Yeo
Trust in energy companies is at rock bottom and consumers don't have the right information to hand to make informed choices about where they get their energy.
Most consumers simply don't know how to interpret their energy bills and this puts them off attempting to switch suppliers.
The Government should be doing all it can to increase competition in the energy market and must make it easier for new entrants to join the market.
MPs say energy firms should tell every customer what proportion of the bill goes towards their profit. Under the proposal annual statements would give details of operating costs, wholesale prices and profits.
The Government's energy plan to "use less, pay more" exposes a massive power savings gap, ITV's Consumer Editor Chris Choi reports.
See more on today's Energy Bill in Chris' blog.
Keith Anderson, the Chief Corporate Officer for Scottish Power, told ITV News that the targets set in today's Energy Bill for a 40% electricity reduction by 2020 were "achievable".
"What's been announced today really sets the framework to allow the industry to come forward with the investment the country needs to deliver a low-carbon future for the UK.
"Those targets are very ambitious but certainly achievable."
The trade association for the energy industry described today's Energy Bill as a "positive step forward" but called for more detail to give investors clarity and confidence over the direction the UK is taking on energy policy.
Angela Knight, Chief Executive of Energy UK, said: "The capacity market proposals will mean that gas power stations will be there, not just to keep the lights on while the new nuclear power stations and renewables are being built, but also for the longer term future.
"This means that the huge investment will now start being made in our energy infrastructure and this will create jobs and help economic recovery. At the same time, a focus on affordability for households and for businesses of all sizes, now and during these changes, is essential."
Ministers should set caps to cut the amount of carbon in Britain's energy generation, Labour said today.
The Government's much-delayed Energy Bill is a missed opportunity because it failed to impose targets for decarbonising the power system, shadow energy secretary Caroline Flint told MPs.
In a Commons statement setting out the Bill, Energy Secretary Ed Davey said UK energy investment was at its highest for 20 years.
But Ms Flint demanded "a clear commitment to decarbonise the energy sector by 2030", adding: "Not just business in the renewables sector but elsewhere are really concerned about the lack of a vision of the Government on this issue."
Shadow Energy Secretary Caroline Flint has said the cost "burden" of the Government's new energy bill "will fall on bill payers".
Responding to Energy Secretary Ed Davey's statement in the House of Commons, the Labour MP said the move to invest in green power generation would increase costs for consumers.
She said: "It is more important than ever we have energy prices that work in the public interest."
Energy Secretary Ed Davey has told the House of Commons that government policy is "designed to reduce consumer bills" as he sets out proposals to reduce demand for electricity - a move which critics suggest will increase households bills.
The long-delayed Energy Bill, formally published today, authorises ministers to almost treble investment in "green" power generation to £7.6 billion, up from £2.35 billion this year.
Davey added in a statement to the House: "The bill is good for Britain's economy and good for consumers."