Labour government announces deal as it sets out legislation to underpin energy quango
Labour鈥檚 new energy quango will partner with the Crown Estate to deliver 30GW of new offshore wind developments by 2030.
It鈥檚 the first major partnership sealed for Great British Energy, which has been set up by the new government to drive progress towards net zero and reduce energy bills.
The Crown Estate has a 拢16bn portfolio of land and seabed, which operates independently but returns its profit to government.
The Department for Energy Security and Net Zero claims the partnership could leverage 拢60bn of private investment.
Energy secretary Ed Miliband said: 鈥淕reat British Energy comes from a simple idea - that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK鈥檚 energy insecurity, and Great British Energy will be essential in this mission.鈥�
鈥淭he agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country.鈥�
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The Crown Estate鈥檚 chief executive, Dan Labbad, added that his organisation 鈥渆xists to serve the national interest鈥� and said that with new powers, set to be brought in by the Crown Estate Bill, it could drive investment into nature recovery and job creation.
The announcement came alongside the introduction of the Great British Energy Bill, which, if passed, will establish the statutory footing for the new energy body, backed by 拢8.3m of government investment.
Five key functions of Great British Energy
- Project development 鈥� leading projects through development stages to speed up their delivery, whilst capturing more value for the British public
- Project investment 鈥� investing in energy projects alongside the private sector, helping get them off the ground
- Local Power Plan 鈥� supporting local energy generation projects through working with local authorities, combined authorities and communities
- Supply chains 鈥� building supply chains across the UK, boosting energy independence and creating jobs
- Great British Nuclear 鈥� exploring how鈥疓reat British Energy and鈥疓reat British Nuclear will work together, including considering how鈥疓reat British Nuclear functions will fit with鈥疓reat British Energy
The government also announced that Juergen Maier, former chief executive of Siemens UK, would serve as chair of GBE.
Maier, who previously served as chair of a group of infrastructure experts advising Labour on delivery in advance of the general election, said he was 鈥渆xcited鈥� to lead the company.
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