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- £60B Investment: Partnership with The Crown Estate aims to leverage up to £60 billion in private investment for clean power.
- Energy Independence: Focus on offshore wind, solar, and innovative energy technologies to secure Britain’s energy future.
- Economic Growth: Creation of skilled jobs and reduced energy bills for families and businesses.
Prime Minister Keir Starmer and Energy Secretary Ed Miliband announced a major partnership between Great British Energy and The Crown Estate, projected to drive up to £60 billion in private investment into the UK’s clean energy sector. This strategic move is set to position Britain as a clean energy superpower, reduce reliance on fossil fuels, and foster economic growth.
A New Era for Energy
Great British Energy, a publicly-owned entity backed by £8.3 billion in new investment, will spearhead the development of clean power projects across the UK. This initiative follows the recent lifting of the ban on onshore wind and the unblocking of solar energy production, reflecting the government’s commitment to sustainable energy.
Prime Minister Keir Starmer emphasized, “This innovative partnership is a crucial step toward achieving clean energy by 2030 and lowering energy bills for good.“
Strategic Partnership
The partnership with The Crown Estate, which manages a £16 billion portfolio of land and seabed, will fast-track the development of up to 30GW of new offshore wind capacity by 2030—enough to power nearly 20 million homes. This collaboration will streamline offshore wind projects, cut development times by half, and attract significant private investment.
Energy Secretary Ed Miliband highlighted, “Great British Energy ensures that the British people benefit from our natural resources, driving more investment and energy security.“
Boosting Innovation and Jobs
In addition to offshore wind, the partnership will explore cutting-edge technologies like carbon capture, hydrogen, wave, and tidal energy. This initiative aligns with the Department for Energy Security and Net Zero’s goals to create skilled jobs and ensure families and businesses are protected from volatile global energy prices.
Juergen Maier, Chair of Great British Energy, stated, “I’m excited to lead this company, working with the private sector to expand skilled jobs and investment across the country.“
Supporting Legislation
Two Bills introduced today will provide Great British Energy and The Crown Estate with the necessary powers to deliver their objectives. The Great British Energy Bill outlines the company’s strategic priorities, ensuring a focus on homegrown clean energy. The Crown Estate Bill modernizes its investment powers, enabling substantial public infrastructure investments.
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Dan Labbad, Chief Executive of The Crown Estate, noted, “Partnering with the government allows us to drive greater investment into a decarbonized, energy-secure future.“
The launch of Great British Energy marks a pivotal moment in the UK’s energy policy, promising significant investments, job creation, and a path toward energy independence. This initiative not only supports the transition to a sustainable future but also ensures the British people directly benefit from the country’s natural resources.