Legislation for Britain’s new publicly-owned energy company Great British Energy has passed through Parliament.
Great British Energy will invest in clean power projects across the UK. Backed by £8.3 billion over the course of this parliament, the UK Government says the company will speed up the delivery of strategic energy projects and invest alongside the private sector to get new technologies like floating offshore wind up and running as part of the Government’s modern Industrial Strategy.
The Energy Secretary visited a hospital in Hull where solar power is saving the hospital hundreds of thousands of pounds each month, allowing money to be reinvested in frontline services.
Great British Energy is investing £200 million in funding for new rooftop solar power and renewable energy schemes for schools, hospitals and communities. In April NHS Humber Health Partnership was awarded nearly £8.5 million from this fund, which will deliver up to £14.2 million in lifetime bills savings.
Scotland’s community energy fund has opened for applications, backed by £4 million from Great British Energy for local clean energy projects – from community-led onshore wind, to solar on rooftops and hydropower in rivers – generating profits which could be reinvested into community projects or take money off people’s bills.
In Wales nearly £3 million of Great British Energy funding will be available for local renewable projects.
Energy Secretary Ed 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.
“As part of our Plan for Change, this will make us a clean energy superpower and help bring down energy bills for good.”
Great British Energy Chair Juergen Maier said:
“Great British Energy was created to ensure British people reap the benefits of clean, secure, homegrown energy. We now have full backing to scale up the company, crowd in investment, and back clean energy projects across the country.”
The Energy Secretary 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 Great British Energy Bill received legislative consent from all three devolved governments, the first Bill to do so under this parliament.
