In a significant move towards achieving clean energy by 2030, Prime Minister Sir Keir Starmer and Energy Secretary Ed Miliband have unveiled a monumental £60 billion partnership between Great British Energy and the Crown Estate. The announcement was made as part of the government’s broader strategy to foster energy security and reduce household energy costs permanently.
To facilitate this ambitious partnership, two pivotal pieces of legislation were introduced to Parliament today. The Great British Energy Bill aims to establish the framework for the new entity’s operation and financial structure, while the Crown Estate Bill is designed to modernize the estate’s functions by eliminating outdated limitations, enhancing investment capacities, and enabling borrowing.
Great British Energy is set to play a crucial role in several areas, including accelerating project development, collaborating with the private sector on energy projects, and supporting local energy initiatives in conjunction with local authorities and communities. It will also focus on building robust supply chains throughout the UK and integrating efforts with Great British Nuclear to explore new energy solutions.
Sir Keir Starmer highlighted the partnership’s potential impact: “This innovative partnership between Great British Energy and the Crown Estate marks a significant milestone towards our clean energy targets for 2030 and reducing energy bills sustainably. We anticipate this agreement to catalyze up to £60 billion in investment, propelling our nation towards energy independence, generating high-skilled jobs, and easing financial pressures on both families and businesses.
The collaboration is expected to facilitate the development of 20-30GW of new offshore wind projects by the decade’s end, which could power nearly 20 million homes. Dan Labbad, CEO of the Crown Estate, emphasized the strategic importance of this initiative: “The Crown Estate is committed to serving the national interest by managing our natural resources to foster a sustainable, secure energy future. This enhanced partnership with the government will allow us to significantly increase our investments in this area, supporting ecological restoration and creating job opportunities.”
In conjunction with the announcement, the government has committed £8.3 billion in new funding for Great British Energy, which will be headquartered in Scotland. Discussions are ongoing with the Scottish Government and Crown Estate Scotland to ensure that the new developments and investments receive the necessary support.
Ed Miliband expressed confidence in the transformative potential of this venture: “Investing in clean energy is essential to resolving the UK’s energy insecurities. Great British Energy will play a pivotal role in this mission. Our agreement with the Crown Estate not only promises more investment and cleaner power but also underscores our commitment to making this institution a transformative and enduring asset for the nation.”
