Today, the government unveiled details of the Great British Energy, the public energy company which aims to advance the UK’s clean energy sector.
Energy UK’s Chief Executive, Emma Pinchbeck, noted that GB Energy could attract private investment, speed up project delivery and support the development of new technologies and community projects.
Ms Pinchbeck emphasised the need for GB Energy to complement private sector efforts rather than duplicate them, to ensure economic benefits and continued growth in clean energy.
Emma Pinchbeck said: “GB Energy can play a vital role in making the government’s clean energy ambitions a reality by attracting extra private sector investment, speeding up the delivery of projects and further supporting developers by having the necessary supply chain in place.
“It can also step in to kickstart the development of newer technologies and support community projects while larger and established sources like wind and solar continue to grow.
“The expansion of clean, secure, homegrown energy and the economic growth this will bring can deliver huge benefits to the whole population.”
RenewableUK’s Chief Executive Dan McGrail said: “We’ve been clear that Great British Energy can play a positive role in supporting innovative new technologies and community projects.
“However, it’s really vital that Great British Energy doesn’t disrupt the billions of pounds of private investment the government will need to deliver their clean power ambitions, so the next steps of its development will have to be formed in close partnership with the sector.
“In the offshore wind industry alone, over £100 billion of private capital will be needed to deliver the government’s target of 60GW by 2030.”
Scottish Renewables welcomed the update, which clarified the UK Government’s vision for GB Energy in the energy market.
Claire Mack, Chief Executive of Scottish Renewables highlighted that the commitment to accelerate renewable energy deployment underscores the industry’s crucial role in decarbonising the economy, enhancing energy resilience, and ultimately reducing energy bills.
Ms Mack noted, however, that much work remains to be done: “We urgently need to understand how Great British Energy will support the Scottish Government and The Crown Estate Scotland with new development and investment in the existing and future pipeline of projects across all technologies here in Scotland.”
Jess Ralston from the Energy and Climate Intelligence Unit highlighted the importance of GB Energy’s role in enhancing energy independence and community engagement.
Jess Ralston said: “Get this right and alongside electric heat pumps that can replace gas boiler running off British renewable power instead, the UK will be looking much more energy secure, detaching itself from the volatile gas markets that have driven energy bills skywards over the past few years.”
Green Alliance’s Roz Bulleid supported the government’s focus on renewable energy and community benefits, praising the initiative’s potential to meet climate targets and reduce energy costs.
Roz Bulleid, Director of Policy and Research at Green Alliance, said: “New details on Great British Energy show that the government is ready to bring together major institutions, private investors and communities who want to do the right thing.
“The government has also indicated that the new publicly owned, clean power company will focus on ensuring the jobs and skills created by new renewables projects genuinely benefit communities.
“These are both smart moves towards making the most of the UK’s potential for cheap, clean renewable energy, and this in turn will get us closer to our climate targets and give families more affordable bills.”
Octopus Energy’s Founder and Chief Executive Officer Greg Jackson welcomed the announcement, pointing out that it could lead to cheaper energy bills and quicker grid connections for new developments.
Mr Jackson said: “We’re particularly excited about the potential to speed up grid connections, which will allow us to build cheap green generation quickly.
“This will accelerate connections to new homes, factories and data centres, thereby lowering bills and improving productivity.”
Sam Hollister, Head of Economics, Policy and Investment, LCP Delta said: “The first test of Great British Energy and its partnership with The Crown Estate will be in this year’s CfD auction.
“It is essential that industry responds by bringing forward significant volumes of renewable power to support the government’s ambition for clean power by 2030.
“With zero offshore wind procured last year, the industry and the UK’s decarbonisation ambitions are playing catch-up.”
