Prime Minister Keir Starmer and Energy Secretary Ed Miliband have announced a partnership between Great British Energy and The Crown Estate to mobilise billions of investment in clean power.
The partnership has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence. Great British Energy will be owned by the British people, for the British people, backed with £8.3 billion of new money over this Parliament to own and invest in clean power projects in regions across the UK. The Crown Estate estimates this partnership will lead to up to 20-30 GW of new offshore wind developments reaching seabed lease stage by 2030. Great British Energy will be headquartered in Scotland.
Great British Energy will have five key functions:
- Project development: Leading projects through development stages to speed up their delivery, whilst capturing more value for the British public.
- Project investment: Investing in energy projects alongside the private sector, helping get them off the ground.
- Local Power Plan: Supporting local energy generation projects 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 Great British Energy and Great British Nuclear will work together, including considering how Great British Nuclear functions will fit with Great British Energy.
