We have heard for months about Great British (GB) Energy, a public energy company that promises to help make Britain energy independent.
Before becoming just another social media meme due to its virality in the energy sector, this Bill took centre stage in the much-anticipated King’s Speech yesterday.
But what is it really and what impact will it have on people’s energy bills?
The UK Government has introduced the Great British Energy Bill, which aims to set up a publicly-owned clean power company in Scotland.
This new company will speed up investment in renewable energy like offshore wind.
ELN understands that GB Energy will not be a traditional energy supplier; instead, it will function as more than an investment vehicle.
The headquarters will be in Scotland, though the exact location is yet to be announced.
Aberdeen has launched a campaign to become the home of GB Energy.
The final location is expected to be unveiled in the coming months.
GB Energy’s goal
GB Energy will own, manage and run clean power projects across the UK.
The goal is to make the UK more energy independent, lower household energy bills and tackle climate change.
In the documents accompanying the King’s Speech, it is stated that GB Energy will focus on producing, distributing, storing and supplying clean energy and reducing greenhouse gas emissions from fossil fuels.
The government says that the company will be owned by the British people, ensuring that taxpayers and local communities benefit from local, secure and clean energy.
Initial investment
The company will develop, own and run energy assets and work with the private sector.
It will have £8.3 billion to invest over the coming years.
The Bill gives the Secretary of State the power to provide financial support to GB Energy.
A strategic priorities statement will be prepared to ensure the company’s work aligns with government goals.
GB Energy will operate across the UK, with cooperation from the Northern Ireland Executive to explore opportunities in Northern Ireland.
The initiative is expected to attract significant private sector investment, which is essential for achieving a decarbonised power system.
Public sector investment and institutions will support this through partnerships.
The expected outcome is a big increase in onshore wind, offshore wind and solar power.
The post Great British Energy: What we know so far appeared first on Energy Live News.
Take the Survey at https://survey.energynewsbeat.com/
