Energy Secretary Ed Miliband has set out his vision for Great British Energy, including a requirement for it to put a plan in place to become self-financing.
Great British Energy – the UK’s publicly-owned clean power company – has invested around £200 million in solar and renewable energy projects on schools, hospitals and public buildings across the country.
Under its objectives, the company will drive clean energy deployment across the whole of the UK as a developer, investor, and owner of clean energy projects, working in tandem with the private sector, devolved governments, local authorities and community energy groups.
The company will be required to increase public ownership and community involvement in the development of clean energy projects.
The UK Government has also now set a target for Great British Energy to start making returns on its commercial activities as a whole by 2030. This includes a requirement for the company to have a plan for becoming self-financing in place by 2030, with profits reinvested into clean energy projects.
The strategic priorities – agreed by all devolved governments – set a clear vision for how Great British Energy will provide a catalyst for the expansion of the UK’s homegrown, clean energy supply. It follows the passing of the Great British Energy Act in May.
Energy Secretary Ed Miliband said:
“It is time to make things and own things in Britain again. That’s why we have set up Great British Energy to be a new national champion and allow us to reap the benefits of Britain’s abundant natural resources.
“Great British Energy will place working people, communities and British industries at its core, turbocharging clean energy across the country as part of our clean power mission.”
Key areas that the company should focus on to meet these objectives according to the UK Government are:
- Investment in and development of nascent and more established technologies and assets required for Clean Power 2030 and beyond;
- Activity in domestic supply chains to build long-term domestic resilience and economic growth;
- Supporting the growth of local and community energy, working alongside government to deliver a Local Power Plan that will help to ensure local people and communities benefit from the clean energy transition.
Great British Energy will produce a strategic plan within six months, setting out how it will meet the Energy Secretary’s expectations to support the clean power mission and deliver for the British public.
Great British Energy’s CEO, Dan McGrail, said:
“Work is already underway at Great British Energy to deliver our Strategic Plan, and we welcome the Secretary of State’s recommendations. Most of the clean energy projects in the Government’s’ Industrial Strategy will flow through Great British Energy, enabling us to be the green growth engine for the UK.
“We are going to invest £1 billion in domestic supply chains, which I expect will unlock billions more in investment and create thousands of jobs. Along with our partners like The National Wealth Fund, The Crown Estate, Great British Energy-Nuclear and many more, we are primed to develop innovative ways to grow new renewable technologies, ensuring our energy is engineered in the UK.”
The company will also continue to work closely with the National Wealth Fund and build on key partnerships made over the last year, to support the development of clean energy projects – including with The Crown Estate and Crown Estate Scotland. This has already seen Great British Energy and the government join forces with The Crown Estate and industry to invest £1 billion in offshore wind supply chains, said the UK Government.
