Legislation to establish Great British Energy has received Royal Assent after passing through Parliament, setting the stage for a publicly-owned energy company to invest in clean power and deliver energy security and jobs as part of the government’s plan for change.
The Great British Energy Bill received legislative consent from all three devolved governments, the first Bill to under this parliament.
This will allow Great British Energy to operate more effectively in every devolved nation and benefit people across the UK, according to the government.
Energy Secretary Ed Miliband (pictured) will soon outline Great British Energy’s strategic priorities – including which technologies the government expects the company to focus on and how it should consider the public benefits from investment decisions.
The new entity will be backed by £8.3 billion over the course of this parliament. It will co-invest with the private sector to accelerate deployment of technologies like floating offshore wind, and deliver rooftop solar, onshore wind and other renewables, according to the government.
Miliband said: “Great British Energy comes from a simple idea: British people should own and benefit from our own natural resources. We are giving people a stake in clean energy and delivering profits for the British people.”
The company has launched a £200 million programme for solar power installations on schools, hospitals and community buildings. In Hull, the Energy Secretary visited a hospital already saving hundreds of thousands of pounds monthly through solar power. NHS Humber Health Partnership received £8.5 million from the fund to deliver lifetime bill savings of £14.2 million.
A £4 million community energy fund opened this week in Scotland, providing support for local projects such as small-scale hydro, rooftop solar and community wind. In Wales, nearly £3 million has been allocated to similar initiatives.
Great British Energy chair Juergen Maier said: “We now have full backing to scale up the company, crowd in investment, and back clean energy projects across the country.”
The company is also hosting a roundtable in Edinburgh focused on offshore wind supply chain opportunities. This follows an initial £300 million fund to support domestic manufacture of floating wind platforms and transmission cables.
Strategic priorities for Great British Energy, including guidance on technologies and public benefit objectives, will be set out shortly.
The legislation received consent from all three devolved governments, allowing the company to operate fully across the UK.