Labour government announces deal as it sets out legislation to underpin energy quango
Labour’s new energy quango will partner with the Crown Estate to deliver 30GW of new offshore wind developments by 2030.
It’s the first major partnership sealed for Great British Energy, which has been set up by the new government to drive progress towards net zero and reduce energy bills.
The Crown Estate has a £16bn portfolio of land and seabed, which operates independently but returns its profit to government.
The Department for Energy Security and Net Zero claims the partnership could leverage £60bn of private investment.
Energy secretary Ed Miliband said: “Great British Energy comes from a simple idea - that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission.
“The agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country.”
>> Read more: New government sets out plans for housing and infrastructure in first King’s Speech
The Crown Estate’s chief executive, Dan Labbad, added that his organisation “exists to serve the national interest” and said that with new powers, set to be brought in by the Crown Estate Bill, it could drive investment into nature recovery and job creation
The announcement came alongside the introduction of the Great British Energy Bill, which, if passed, will establish the statutory footing for the new energy body, backed by £8.3m of government investment.
Five key functions of Great British Energy
- 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
The government also announced that Juergen Maier, former chief executive of Siemens UK, would serve as chair of GBE.
Maier, who previously served as chair of a group of infrastructure experts advising Labour on delivery in advance of the general election, said he was “excited” to lead the company.
No comments yet