Great British Energy offshore wind

Great British Energy launches £60bn partnership with Crown Estate

Prime minister Sir Keir Starmer and energy secretary Ed Miliband have today announced the launch of a landmark partnership between Great British Energy and the Crown Estate, which the government says could unlock £60bn of private investment.

In order to give the two institutions the necessary powers to deliver, two new bills are also being introduced into parliament today, as the UK looks to accelerate the mission to clean energy by 2030.

This includes the Great British Energy Bill which will lay the foundations for the organisation’s creation and financial footing, as well as the Crown Estate Bill which will remove outdated restrictions on its activities, expand investment powers and grant borrowing capabilities.

According to Number 10, Great British Energy will have five key functions, including:

  • leading projects through development stages to speed up their delivery;
  • investing in energy projects with the private sector;
  • supporting local energy generation projects by working with local authorities, combined authorities and communities;
  • building supply chains across the UK; and
  • exploring how it can work with Great British Nuclear.
Keir Starmer comment

“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,” said Sir Keir Starmer.

“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.”

The Crown Estate estimates the collaboration will lead to up to 20-30GW of new offshore wind developments reaching seabed lease stage by the end of the decade — this is enough power for the equivalent of nearly 20 million homes.

Dan Labbad, CEO at the Crown Estate, added: “The Crown Estate exists to serve the national interest, including stewarding our natural resources to deliver a decarbonised, energy secure and sustainable future.

With new powers and by partnering with government, we can drive greater investment into this future for our country, and with it support nature recovery and job creation.”

Ed Miliband comment

This parliament will see £8.3bn of new money ringfenced for the Great British Energy project and, with its headquarters set to be in Scotland, the UK Government is continuing talks with the Scottish Government and Crown Estate Scotland as to how new development and investment can be supported.

“Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission,” explained Ed Miliband.

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.”

The establishment of Great British Energy was confirmed in the King’s Speech earlier this month. Read what was said in Public Sector Executive’s coverage here.

Image credit: iStock

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