Source - reNews - GB Energy, Crown Estate launch partnership
The UK government has unveiled a collaboration between Great British Energy and the Crown Estate aimed at achieving 20-30GW of new offshore wind capacity by 2030.
Prime Minister Keir Starmer stated:
“This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.
"This agreement will drive up to £60bn in investment into the sector, turbocharging our country toward energy security, the next generation of skilled jobs, and lowering bills for families and business.”
Government-owen GB Energy, with £8.3 billion in funding over this Parliament, is set to own and invest in renewable energy projects throughout the UK.
The Crown Estate, with a £16 billion portfolio of land and seabed and operating independently while returning profits to the government, brings vast expertise and recently acquired investment and borrowing capabilities to this partnership.
GB Energy will provide crucial strategic industrial policy and investment capabilities from the state.
This collaboration will see the public sector taking on additional early-stage development tasks for offshore wind projects, lowering risks for developers and accelerating project completion after leasing, thereby encouraging private sector investment.
It will also advance technologies such as carbon capture and storage, hydrogen, wave, and tidal energy.
The Prime Minister confirmed that Great British Energy will be based in Scotland and will support energy generation projects within the UK, with profits benefiting the British public.
Discussions are ongoing with the Scottish Government and Crown Estate Scotland on how Great British Energy can bolster new development and investment in Scotland.
Energy Security and Net Zero Secretary Ed Miliband commented: “Great British Energy stems from a straightforward concept – the British people should own and benefit from our natural resources. Investing in clean energy is essential to end the UK’s energy insecurity, and Great British Energy will be pivotal in this mission.”
“The partnership with The Crown Estate will drive more investment, cleaner power, and increased energy security, establishing it as a permanent and transformative institution for our country.”
Dan Labbad, Chief Executive of the Crown Estate, added: “With new powers and a partnership with the government, we can significantly increase investment in our nation’s future, supporting nature recovery and job creation.”
GB Energy will expedite project development, capturing more value for the British public.
It will co-invest in energy projects with the private sector, facilitating their initiation.
The company will also collaborate with local authorities and communities to support local energy generation projects.
GB Energy will contribute to building supply chains across the UK, enhancing energy independence and creating jobs.
Additionally, it will explore synergies between Great British Energy and Great British Nuclear.
The GB Energy Bill, introduced in the House of Commons today, will establish the new publicly-owned company by defining its objectives and securing necessary finances.
The Secretary of State will be empowered to set GB Energy’s strategic priorities, ensuring alignment with the government’s aim to accelerate the delivery of domestic clean energy.
The Crown Estate Bill will modernize the institution by removing outdated restrictions, enabling investments in digital technologies to enhance its award-winning seabed spatial mapping.
The Bill will also expand The Crown Estate’s investment powers and borrowing capabilities, unlocking significant public infrastructure investment.
This includes crucial marine investments to support the expansion of offshore wind capacity by 2030 and urban regeneration projects.
These announcements follow the government’s swift action to establish a new Mission Control for clean power delivery by 2030, led by former Climate Change Committee CEO Chris Stark.
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