King’s Speech Confirms Creation of GB Energy

Following the announcement of the UK Government’s legislative agenda for the next year, plans for the new state-owned Great British Energy were revealed. King Charles III confirmed the move whilst setting out the priorities of the country’s new Labour administration at the State Opening of Parliament in London on 17^th July.

The King told a full House of Lords “my Government recognises the urgency of global climate change” and ministers are “committed to a clean energy transition” that will lower consumer bills over time. The new public body featured heavily in Labour’s pre-election manifesto and it is backed by a new National Wealth Fund. The plan is to create a headquarters in Scotland with the goal of accelerating investment in renewable energy, including offshore winds.

Aquaterra Energy CEO George Morrison said: “The £7bn investment in GB Energy is a pivotal step toward reinforcing the UK’s leadership in the energy transition. With Labour’s manifesto commitments to quadrupling offshore wind capacity by 2030, earmarking £1bn for carbon capture and storage and £500m for green hydrogen, we can advance crucial sectors. Sustained investment and an innovative supply chain will be essential in delivering these projects at the required pace, ensuring a sustainable energy future and unlocking the economic benefits of the energy transition in the UK.“

The REA (Association for Renewable Energy and Clean Technology) has welcomed the Government’s legislative plans for this Parliament, however it said that the Government must work together with the private sector to align to the same goals.

The association said: “As our members have repeatedly highlighted, investment vehicles such as GB Energy and the National Wealth Fund must focus on addressing market inefficiencies and removing obstacles to private sector investment in new technologies and business models. It is crucial to collaborate with the private sector rather than compete against it.”

The chief executive of Scottish Renewables, Claire Mack, has said that the King’s Speech demonstrates plans to build on the UK Government’s early focus towards kickstarting economic growth and accelerating the UK’s move to a clean energy system which includes commitment to tackling the unnecessary delays that currently provide an obstacle to the delivery of critical infrastructure.

In the accompanying documents to the King’s Speech, it’s illustrated that GB Energy will focus on producing, distributing, storing and supplying clean energy whilst reducing greenhouse gas emissions from fossil fuels. The Government has said that the company will be owned by the British people, ensuring taxpayers and local communities benefit from local, secure and clean energy.

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Sources

https://www.energylivenews.com/2024/07/18/great-british-energy-what-we-know-so-far

https://www.renews.biz/94563/gb-energy-included-in-king-s-speech

https://www.renews.biz/94574/industry-welcomes-kings-speech-plans