It is widely acknowledged that there has been inadequate investment in new generation capacity in the United Kingdom in recent years. The Energy Bill is the government’s response. Long-term CfDs should provide a sta-ble investment environment for low-carbon generation, with the proposed capacity market underpinning in-vestment in gas-fired plant but further details are needed (concerning CfD strike prices and capacity market auctions, for example) before investors will be in a position to judge how attractive these reforms will be in practice.