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Planned British governmental investment body From Wikipedia, the free encyclopedia
Great British Energy (shortened to GB Energy or GBE) is a planned British governmental investment body and publicly owned energy generation company that forms part of the Labour Party's plans for energy policy.[2][3][4][5] The proposed body would invest in renewable energy and own, manage and operate clean power projects. The Labour government intends to pass legislation in the form of a "Great British Energy Bill" [6] to enable the creation of the company.[7] TheCompanies House registration has been completed, with its company number as SC825539. It currently has one Shareholder, Secretary of State for Energy Security and Net Zero.
| |
| Agency overview | |
|---|---|
| Formed | 2024 |
| Jurisdiction | United Kingdom |
| Status | Proposed |
| Headquarters | Aberdeen, Scotland, UK [1] |
| Minister responsible | |
| Parent department | Department for Energy Security and Net Zero |
| Website | www |
The proposal to create Great British Energy was put forward by the former Labour leader Ed Miliband in his capacity as Shadow Secretary of State for Business, Energy and Industrial Strategy in 2021, as part of a wider platform of policies named the "Green Prosperity Plan".[8] According to The Guardian, "Mathew Lawrence, the founder and director of the Common Wealth thinktank, [is] credited with coming up with the original idea for a national energy company".[9]
Prior to June 2024, Great British Energy had been floated by the Labour Party as being a proposal for the creation of an energy generating company, rather than an investment body.[10] As the minister responsible, Miliband later recommitted to the proposal of GBE as an energy generator, comparing the body to energy companies such as Ørsted and Statkraft.[11]
Great British Energy is headquartered in Aberdeen, Scotland.[2] A target has been set for GBE to be directly responsible for generating 8 GW of renewable power by 2030.[12] According to the Labour Party, some of the funding for GBE would be provided from additional taxation of the fossil fuel industry.[3]
On 5 July 2024, Ed Miliband was newly appointed as Secretary of State for Energy Security and Net Zero and made his first formal announcement to civil servants, outlining his priorities to make the UK a clean energy superpower with the creation of GB Energy.[13]
The government initiated a plan to utilise the Crown Estate's British seabed for windfarms, aiming to power 20 million homes. This was the first major move by GB Energy, receiving £8.3bn in state funding to boost renewable energy. Ed Miliband asserted that the initiative would eventually lower household bills, although the Conservative Party criticised it as costly for families. The plan also included discussions with Scotland and Northern Ireland for similar projects. The government sought to attract £60bn in private investment, and to involve GB Energy in various renewable projects, including carbon capture and tidal energy.[14] GB Energy, was expected to establish its headquarters in Aberdeen. The company was also planning smaller offices in other parts of Scotland.[15]
The Labour Party says that as a result of GB Energy, 650,000 new jobs will be created.[16]
In July 2024, Jürgen Maier, former chief executive of Siemens UK, was appointed chair of GB Energy.[17] In October 2024, he said GBE had been promised £8.3 billion of investment capital over the next five years, for offshore wind, hydrogen power, carbon capture and nuclear power developments. GBE will begin by taking minority stakes in new projects.[18]
Both the Green Party and the UUP have voted for readings for the bill with the Labour Party.[19]
Opposition to the planned GB Energy has included the claim from the Conservative opposition that GB Energy will lead to higher energy bills, as part of a general opposition to state-ownership of the electricity markets, which led to the moniker "Giant Bills Energy".[20] The Conservatives and the DUP have both voted against readings for the bill.[19]
There has also been opposition to GB Energy as part of a general opposition to Net Zero emissions targets, as GB Energy aims to be powered entirely from renewable energy sources, such as wind and solar, according to the ruling Labour Party.[16][21]
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