Great British Energy (shortened to GB Energy or GBE) is a planned British governmental investment body and publicly owned energy generation company that has been announced as part of the British Labour Party's plans for energy policy.[1][2][3][4] The proposed body would invest in renewable energy and own, manage and operate clean power projects. The Labour Party plans to pass legislation in the form of an "Great British Energy Bill" [5] to enable the creation of the company.[6]
 | |
| Agency overview | |
|---|---|
| Formed | 2024 |
| Jurisdiction | United Kingdom |
| Status | Ongoing; see Energy Independence Bill |
| Minister responsible | |
The idea was originally created by the former Labour leader Ed Miliband as part of a wider platform of policies.[7] Prior to June 2024, Great British Energy had been floated by the Labour Party as being a proposal for the creation of an energy generating company, rather than an investment body.[8] As the minister responsible, Miliband later recommitted to the proposal of GBE as an energy generator, comparing the body to energy companies such as Ørsted and Statkraft.[9]
Great British Energy will have its headquarters in Scotland.[10] A target has been set for GBE to be directly responsible for generating 8 GW of renewable power by 2030.[11] According to the Labour Party, some of the funding for GBE would be provided from additional taxation of the fossil fuel industry.[2]
On 5 July 2024, Ed Miliband was newly appointed as Secretary of State for Energy Security and Net Zero and made his first formal announcement to civil servants, outlining his priorities to make the UK a clean energy superpower with the creation of GB Energy.[12]
The government initiated a plan to utilize the Crown Estate's British seabed for windfarms, aiming to power 20 million homes. This was the first major move by GB Energy, receiving £8.3bn in state funding to boost renewable energy. Ed Miliband asserted that the initiative would eventually lower household bills, although the Conservative Party criticized it as costly for families. The plan also included discussions with Scotland and Northern Ireland for similar projects. The government sought to attract £60bn in private investment, and to involve GB Energy in various renewable projects, including carbon capture and tidal energy.[13]
Opposition to GB Energy
editOpposition to the planned GB Energy, has included the claim from the Conservative opposition, that GB Energy will lead to higher energy bills, as part of a general opposition to state-ownership of the electricity markets, which led to the moniker "Giant Bills Energy".[14]
There has also been opposition to GB Energy as part of a general opposition to Net Zero emissions targets, as GB Energy aims to be powered entirely through renewable energy sources, such as wind and solar, according to the ruling Labour Party.[15][16]
References
edit- ^ "Switch on Great British Energy". Labour Party. Retrieved 2024-06-01.
- ^ a b "GB energy firm would secure future jobs, says Labour". BBC News. 2024-05-30. Retrieved 2024-06-01.
- ^ "King's Speech - Debate (4th Day)". TheyWorkForYou. Retrieved 2024-06-01.
- ^ Minio-Paluello, Mika; Markova, Anna (2024-07-18). "GB Energy: what did the King's Speech reveal about the government's plan?".
{{cite web}}: CS1 maint: url-status (link) - ^ "King's Speech 2024: background briefing notes - Great British Energy Bill" (PDF). GOV.UK. 2024-07-19. Retrieved 2024-07-19.
- ^ "Labour promised a state-owned energy company. Can it work?". Politico. 2024-05-29. Retrieved 2024-06-01.
- ^ "Labour has launched its Great British Energy policy - do we need it?". Sky News. Retrieved 2024-06-01.
- ^ "Labour's GB Energy plan branded 'a sham' as they admit 'it's not an energy company'". The National. 2024-05-31. Retrieved 2024-06-01.
- ^ "Clean Energy Superpower Mission". Hansard. 2024-07-18.
- ^ "Energy HQ will bring huge number of Scottish jobs - Starmer". BBC News. 2024-05-31. Retrieved 2024-06-01.
- ^ Gatten, Emma (2024-05-31). "What is Great British Energy? Labour's flagship policy explained". The Daily Telegraph. ISSN 0307-1235. Retrieved 2024-06-01.
- ^ "Energy Secretary Ed Miliband sets out his priorities for the department". Gov.uk. 2024-07-08. Retrieved 2024-07-10.
- ^ Espiner, Tom; Jack, Simon (24 July 2024). "Labour to use Crown Estate land to boost wind energy". BBC News. Archived from the original on 25 July 2024. Retrieved 25 July 2024.
- ^ "Giant Bills Energy" was a moniker used by the then ruling Conservative Party during the 2024 UK General Election, as part of Rishi Sunak's public opposition to the state-owned company.
- ^ "Great British Energy". great-british-energy.org.uk. Retrieved 2024-07-25.
- ^ Turver, David (2024-07-25). "Labour Launches GB Energy Bill". Eigen Values. Retrieved 2024-07-25.