THE UK Government has announced a partnership between Great British Energy and The Crown Estate, in a move which it said has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence.
Great British Energy will be headquartered in Scotland, owned by the public, and will back energy generation projects in the UK, with profits being brought back to the British people, Westminster added.
The Crown Estate, which has a £16 billion portfolio of land and seabed, estimates that its partnership with Great British Energy will lead to up to 20-30GW of new offshore wind developments reaching seabed lease stage by 2030 – which is enough power for the equivalent of almost 20 million homes.
The UK Government said that 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.
Furthermore, it will see the public sector taking on a new role undertaking additional early development work for offshore wind projects. This will ensure that future offshore wind development has lower risk for developers, enabling projects to build out faster after leasing and crowding in private sector investment, the UK Government said. It will also help boost new technologies such as carbon capture and storage, hydrogen, wave and tidal energy.
The UK Government said that it is in discussions with the Scottish Government and Crown Estate Scotland on how Great British Energy could help to support new development and investment within Scotland.
Prime Minister Keir Starmer said, “My government is laser focused on delivering change, to make people better off.
“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.
“My mission led government is rolling up our sleeves to deliver for Britain.”
Chief executive of the Crown Estate Dan Labbad added, “The Crown Estate exists to serve the national interest, including stewarding our natural resources to deliver a decarbonised, energy secure and sustainable future.
“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.”
Juergen Maier CBE, chair of Great British Energy, commented, “Great British Energy will be a publicly-owned national clean energy champion, ensuring British people reap the benefits of clean, secure, home-grown energy.
“I’m excited to lead this company and work with the private sector and communities to rapidly expand skilled jobs and investment across the country.”
