Great British Energy: UK Sets Out Vision for Publicly-Owned Clean Power Company
The UK government has outlined its plan for Great British Energy, a new publicly-owned clean power company designed to accelerate homegrown renewable energy, cut bills and support British jobs. Energy Secretary Ed Miliband said the company will be a “new national champion” at the heart of Britain’s clean-power mission, increasing public ownership of energy projects and backing domestic supply chains.
What Great British Energy Will Do
Great British Energy was created under the Great British Energy Act passed in May. It is already investing in solar and renewable installations on schools, hospitals and other public buildings, with £200 million committed so far. Panels are already delivering savings for vital services.
Under its new objectives, the company will:
Develop, invest in and own clean-energy projects across the UK, working alongside the private sector, devolved governments, local authorities and community energy groups.
Increase public ownership and community involvement in energy projects, ensuring local people and workers benefit from the transition.
Support British supply chains and skilled jobs, using £1 billion of investment to unlock billions more in private capital.
The government has set a requirement for the company to have a plan for becoming self-financing by 2030, with profits reinvested into further clean-energy projects to help protect billpayers permanently.
Strategic Priorities
The government has asked Great British Energy to focus on three key areas:
Investing in established and emerging technologies needed for Clean Power 2030 and beyond.
Building domestic supply chains to strengthen the UK’s long-term resilience and economic growth.
Supporting local and community energy through a new Local Power Plan.
Great British Energy will produce a strategic plan within six months setting out how it will meet these goals.
Partnerships & Scale
The company is working with the National Wealth Fund, The Crown Estate and Crown Estate Scotland, among others, to co-fund offshore wind supply chains and other renewable projects. According to CEO Dan McGrail, “most of the clean-energy projects in the government’s Industrial Strategy will flow through Great British Energy,” making it a “green growth engine for the UK.”
The government says this approach will “take back control” of Britain’s energy supply, protect households from fossil fuel price shocks, and anchor the economic benefits of clean power in British communities.