Worth the wait?

This has been a long time coming.

After 17 years, China could finally be making progress on a long-awaited Energy Law.

• Officials deliberated on the latest draft at Friday’s State Council meeting.
• The draft law will now go to the legislature for consideration.

ICYDK: China's legislature first put an Energy Law on its agenda back in 2007.

• Since then, two publicly disclosed drafts and countless internal versions have all been shelved due to internal disagreements.

At issue: China's energy space is overseen by a long list of powerful agencies and state-owned enterprises – none of whom are keen on accountability to an overarching law.

Get smart: China's energy system is transitioning from a heavily-regulated, fossil-fuel-based system to an increasingly market-based, decentralized, low-carbon system.

• An Energy Law could provide needed clarity on the specific roles and responsibilities of coal-fired power generators, oil and gas majors, and the nascent hydrogen fuel sector.

Get smarter: An Energy Law will likely liberalize energy markets and allow greater private and foreign participation.

But don’t get too excited: The energy transition will be costly for many, meaning that this law will be hotly contested.

• That means that the draft law is likely to go through several rounds of review at the legislature and is unlikely to pass until 2025.