The UK government has unveiled a collaboration between Great British Energy (GB Energy) and the Crown Estate, aiming to develop 20-30GW of new offshore wind projects by 2030.
Prime Minister Keir Starmer highlighted the significance of the partnership, stating, “This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.”
The agreement is set to channel up to £60 billion into the sector, with the goal of enhancing energy security, creating skilled jobs, and reducing energy costs for households and businesses. GB Energy, backed by £8.3 billion in government funding, will own and invest in clean power initiatives across the UK.
The Crown Estate, with a portfolio valued at £16 billion, operates independently and returns its profits to the government. It will contribute its expertise to the partnership, along with new investment and borrowing powers recently granted by the government.
GB Energy's role will include undertaking early development work for offshore wind projects, reducing risks for developers, and accelerating project timelines post-leasing. This approach aims to attract private sector investment and support emerging technologies such as carbon capture, hydrogen, wave, and tidal energy.
The Prime Minister also confirmed that GB Energy will be headquartered in Scotland, supporting energy generation projects across the UK and returning profits to the British public. Discussions are ongoing with the Scottish Government and Crown Estate Scotland to explore further development and investment opportunities within Scotland.
Energy Security and Net Zero Secretary Ed Miliband commented, “Great 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's energy insecurity, and Great British Energy will be essential in this mission.”
Chief Executive of the Crown Estate Dan Labbad added, “With new powers and by partnering with government, we can drive greater investment into this future for our country, and with it support nature recovery and job creation.”
GB Energy will lead projects through development stages to expedite their delivery, capturing more value for the public. It will collaborate with the private sector on energy projects, support local generation initiatives, build supply chains, and enhance energy independence.
The GB Energy Bill, introduced in the House of Commons today, outlines the new company's objectives and financial provisions. The Secretary of State will set strategic priorities to ensure GB Energy focuses on accelerating the delivery of domestic clean energy.
The Crown Estate Bill aims to modernize operations by removing outdated restrictions and expanding investment powers, facilitating significant investment in public infrastructure and marine projects to support offshore wind growth and urban regeneration.
These announcements follow the establishment of a new Mission Control within the government, led by former Climate Change Committee chief executive Chris Stark, to drive clean power initiatives by 2030.
