Prime Minister Keir Starmer will introduce the Great British Energy Bill in the House of Commons today (25 July), alongside the announcement of a partnership with The Crown Estate.
GB Energy, the company “at the heart” of Labour’s clean energy plans, backed by £8.3 billion of new money over this Parliament, will own and invest in clean power projects across the UK.
The Crown Estate, which operates independently and has a £16 billion portfolio of UK land and seabed, estimates that the partnership will lead to up to 20-30GW of new offshore wind developments reaching seabed lease stage by 2030.
Previously, Starmer confirmed that GB Energy will be headquartered in Scotland and back energy generation projects in the UK. Now, the Department for Energy Security and Net Zero (DESNZ) has published more details of the company’s objective.
It will have five key functions:
- Project development – leading projects through the development stage to speed up delivery, capturing more value for the British public.
- Project investment – investing in energy projects alongside the private sector.
- Local Power Plan – local energy generation projects will be supported through working with local authorities, combined authorities and communities.
- Supply chains – building supply chains across the UK, boosting energy independence and creating jobs.
- Great British Nuclear – exploring how GB Energy and GB Nuclear will work together, including considering how Great British Nuclear functions will fit with Great British Energy.
Through these functions, GB Energy will speed up deployment of mature and new technologies as well as local projects.
Alongside the Great British Energy Bill, the Crown Estate Bill will also be introduced to remove restrictions on its activities, enabling it to, for example, invest in digital technologies for spatial mapping of the seabed. The Bill will also expand the Crown Estate’s investment powers and grant borrowing capabilities.
Great British Energy will be an operationally independent company owned by the Secretary of State for Energy Security and Net Zero, led by its own CEO and overseen by an independent fiduciary board rather than ministers. Trade unions will be represented within the company.
According to the founding documents for Great British Energy, a framework will be established that sets out the expectations and partnership between the government and the company. Over the coming months, the location in Scotland of its headquarters will be announced and recruitment for key roles will begin.
Current± will report further on this story throughout the day.
