Plans for Great British Energy announced by PM

Prime minister Keir Starmer and energy secretary Ed Miliband have announced the first major partnership between Great British Energy and The Crown Estate in an effort to increase investment in clean power.

The government said it has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence. 

They added Great British Energy will be owned by the British people, for the British people, backed with £8.3 billion of new money over this Parliament to own and invest in clean power projects in regions across the UK. 

Energy 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."

He added: "The agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country."

This comes after Miliband has scrapped the ban on onshore wind.

Great British Energy’s first major partnership will be between the Crown Estate, which has a £16 billion portfolio of land and seabed, operates independently and returns its profits to the government. 

The Crown Estate estimates this partnership will lead to up to 20-30GW of new offshore wind developments reaching seabed lease stage by 2030, enough power for the equivalent of almost 20 million homes. 

It is hoped the partnership will boost Britain’s energy independence by investing in homegrown power, and with accompanying reforms to policy, cut the time it takes to get offshore wind projects operating and delivering power to homes by up to half.

Great British Energy will have five key functions, from building supply chains to leading project development.

The prime minister has confirmed that Great British Energy will be headquartered in Scotland.

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."

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