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."
Energy Secretary Ed Davey has told Daybreak that Britain needs "billions of pounds of investment in our ageing energy infrastructure."
Environmentalists say the Bill does not go far enough, because it does not include a target to slash carbon emissions from the power sector by 2030.
[The lack of a target was] jeopardising green jobs and industry and undermining efforts to tackle energy insecurity and climate change.
George Osborne's fossil-fuelled economic strategy will keep the nation locked into dirty gas for decades - and with experts predicting gas prices will carry on rising, cash-strapped households will be forced to foot the bill.
Energy Secretary Ed Davey believes the spending level for low-carbon power subsidies will allow the UK to meet goals to supply 30% of electricity from renewables by 2020.
Davey also believes that the Bill will fund other low-carbon technology including nuclear and fossil fuel power plants where emissions are captured and stored.
There's a real challenge in this decade because we're going to see lots of power stations coming to the end of their life.
Coal power stations are closing down and nuclear power stations are closing down, so we've got to have a lot more new generation capacity coming on.
Nearly 20% needs to be replaced so we need to make sure the electricity market provides the incentives for people to invest.