The Great British Energy Bill has been introduced to significantly enhance investments in renewable energy, marking a pivotal step in the UK’s journey towards clean energy.
- Announced during the King’s Speech on 17 July, this initiative promises to be owned by and for the British people, aiming for energy independence and financial benefits for taxpayers.
- Ed Miliband, the energy security and net zero secretary, highlighted plans to incorporate diverse zero and low-carbon technologies, including nuclear and tidal energies.
- The government’s strategy sets a target for a net zero electricity system by 2030, with a focus on removing the ban on onshore windfarms and appointing industry leaders to oversee the mission.
- Industry and union leaders have welcomed the initiative, though they emphasise the need for strategic planning and sustained momentum to achieve the UK’s ambitious energy goals.
Plans have been unveiled for a publicly owned power company headquartered in Scotland, with a substantial backing of £8.3 billion, through the Great British Energy Bill. This endeavour is expected to markedly accelerate investment in renewable energy, providing a significant leap towards achieving energy independence and ensuring that taxpayers directly benefit from domestic energy resources. The announcement was made during the King’s Speech on 17 July.
Secretary of State for Energy Security and Net Zero, Ed Miliband, expressed his vision for employing various zero and low-carbon electricity generation technologies, with a pronounced interest in nuclear power, including small modular reactors and the Sizewell C project. Miliband also showed support for tidal energy, following an inquiry about the Mersey Tidal Power development.
The Government aims to achieve a net zero electricity system by 2030. Key strategies include lifting the onshore windfarm ban and appointing experts like Chris Stark to lead the Mission Control for 2030. A recent report by RenewableUK outlines challenges in integrating with Great British Nuclear and penetrating the decarbonisation mission.
Industry leaders have lauded the formation of Great British Energy as a much-needed focus on delivering renewable energy projects. However, they stress the importance of executing these plans effectively to meet the Labour Government’s ambitious targets. Mott MacDonald’s Claudio Tassistro and AECOM’s Eloise John highlighted the need for collaboration with the private sector and empowering the industry and regulators.
Commentators such as Aveva’s Iju Raj noted the potential acceleration in green power projects. The lift on the onshore wind ban presents an opportunity to enhance efficiency using digital technologies, and an expected boost in creating required data centres and research hubs. Octopus Energy founder Greg Jackson described the government’s vision as ambitious yet achievable, pending rapid actions and market reform.
Experts from Charles River Associates emphasised that while the £8.3 billion funding might appear modest, its impact could be significant if wisely invested. The precedent set by the Green Investment Bank serves as a promising model for Great British Energy. George Morrison from Aquaterra Energy highlighted the necessity of aligning innovation with supply and demand, especially in sectors like green hydrogen.
Union representatives have echoed the sentiment of enthusiasm for a publicly owned energy company, which is seen as pivotal in supporting low-carbon technologies. Paul Nowak of the TUC pointed out that public ownership could align with creating good jobs and expediting climate action. Beama’s Yselkla Farmer remarked on the urgency for immediate action to mobilise funding for low-carbon infrastructure.
The establishment of Great British Energy signifies a significant move towards renewable energy investment, with the potential to reshape the UK’s energy landscape by 2030.
