The government is set to reveal more details about the new public energy company, Great British Energy.
Today, the Prime Minister and Energy Secretary announced a major partnership between Great British Energy and The Crown Estate, potentially bringing up to £60 billion in private investment.
The Crown Estate, with its £16 billion portfolio of land and seabed, operates independently and returns its profits to the government.
It brings its expertise and new investment and borrowing powers to the partnership, while Great British Energy will contribute strategic industrial policy and its own investment capabilities.
The Crown Estate estimates this partnership will lead to 20-30GW of new offshore wind farms by 2030, enough to power nearly 20 million homes.
This initiative will see the public sector take on a new role in the early development of offshore wind projects, reducing risks for developers and speeding up project completion.
It will also support new technologies like carbon capture and storage, hydrogen, wave, and tidal energy.
The Prime Minister confirmed that Great British Energy will be based in Scotland and will support energy projects in the UK.
The UK Government is discussing with the Scottish Government and Crown Estate Scotland how Great British Energy can support new developments and investments in Scotland.
Today, the government is introducing two Bills in Parliament to give both Great British Energy and The Crown Estate the powers they need to deliver quickly.
Prime Minister Keir Starmer said: “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.
“This agreement will drive up to £60 billion in investment into the sector, turbocharging our country toward energy security, the next generation of skilled jobs, and lowering bills for families and business.”
Energy Security and Net Zero Secretary Ed Miliband said: “Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity and Great British Energy will be essential in this mission.”
Chief Executive of the Crown Estate Dan Labbad said: “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.”
