Secretary of State for Energy Security and Net Zero (): Our country faces huge challenges. More than two
years on from Russia's invasion of Ukraine, families and
businesses continue to pay the price for Britain's energy
insecurity. Bills remain hundreds of pounds higher than before
the energy crisis began and are expected to rise again soon. At
the same time, we are confronted by the climate crisis all around
us, not a future threat but a present reality, and there is an
unmet demand for good jobs and economic opportunities all across
Britain.
In 2024, the answers to all these challenges point in the same
direction: investing in clean energy at speed and scale. That is
why making Britain a clean energy superpower by 2030 is one of
the Prime Minister's five missions with the biggest investment in
home-grown clean energy in British history.
I am pleased to say that we are already delivering on one of the
government's first steps for change by setting up Great British
Energy, a publicly-owned company headquartered in Scotland to
invest in clean, home-grown energy.
Today, we are reaching a major milestone to help establish Great
British Energy by introducing the Great British Energy Bill to
Parliament. I am also announcing Great British Energy's first
major partnership, with The Crown Estate as well as publishing
our founding statement to outline Great British Energy's mission
and functions.
Great British Energy's first major partnership will bring
together two national institutions for the benefit of the British
people. The Crown Estate brings a £16 billion portfolio of land
and seabed which returns its profits to the government,
long-established expertise to enable swift action and new
borrowing powers as announced in the King's Speech. Great British
Energy will bring the strategic industrial policy that the state
can provide, as well as its own ability to invest.
The Crown Estate estimates this partnership will deliver up to
20-30GW of new offshore wind developments reaching seabed lease
stage by 2030. It will help boost Britain's energy independence,
and cut the time it takes to get offshore wind projects operating
and delivering power to homes by up to half.
The UK Government is in discussions with the Scottish Government
and Crown Estate Scotland on how Great British Energy could help
to support new development and investment in Scotland.
Today's publication, which I will place in the library of the
House later, sets out what Great British Energy is, why it is
needed, what its structure will be, what role it will play and
what the next steps are. Great British Energy will have five key
functions:
-
Project development - leading projects through
development stages to speed up their delivery, whilst capturing
more value for the British public
-
Project investment – investing in energy
projects alongside the private sector, helping get them off the
ground
-
Local Power Plan – supporting local energy
generation projects through working with local authorities,
combined authorities and communities
-
Supply chains – building supply chains across
the UK, boosting energy independence and creating jobs
-
Great British Nuclear – exploring how Great
British Energy and Great British Nuclear will work together,
including considering how Great British Nuclear functions will
fit with Great British Energy
I will ensure that we establish Great British Energy at pace so
that it can make an early impact whilst also setting it up for
long term success. I will continue to take the important steps to
put Great British Energy on a delivery footing, including
announcing the location in Scotland of its headquarters and
undertaking a programme of stakeholder engagement to further
develop our policy approach. I look forward to keeping the House
updated throughout this process.
