Energy Secretary Ed Miliband has set out the government’s vision for Great British Energy and how the new body will deliver on clean energy.
The government has confirmed the three key areas for the company, including investment and development in technologies for Clean Power 2030; building domestic supply chains for economic growth and domestic energy resilience; and supporting the growth of local and community energy schemes – through a Local Power Plan.
It announced a strategic plan for Great British Energy will be produced within 6 months, setting out how it will meet the Energy Secretary’s expectations to support the clean power mission and deliver for the British public.
To-date, it has invested around £200m in solar and renewable energy projects on schools, hospitals and public buildings across the country, the government said.
Miliband added that the company would drive clean energy deployment across the UK as a developer, investor, and owner of clean energy projects, working with the private sector, devolved governments, local authorities and community energy groups.
It would be “required” to “put working people and communities at the heart of the clean energy transition”, the government added, by increasing public ownership and community involvement in the development of clean energy projects, and supporting jobs and economic growth across the UK.
The government has also now set a target for Great British Energy to start making returns on its commercial activities as a whole by 2030. This includes a requirement for the company to have a plan for becoming self-financing in place by 2030, with profits reinvested into clean energy projects that will help protect billpayers permanently.
Energy Secretary Ed Miliband said:
“It is time to make things and own things in Britain again. That’s why we have set up Great British Energy to be a new national champion and allow us to reap the benefits of Britain’s abundant natural resources.
“Great British Energy will place working people, communities and British industries at its core, turbocharging clean energy across the country as part of our clean power mission.”
Great British Energy’s CEO, Dan McGrail said:
“Work is already underway at Great British Energy to deliver our Strategic Plan, and we welcome the Secretary of State’s recommendations. Most of the clean energy projects in the government’s’ Industrial Strategy will flow through Great British Energy, enabling us to be the green growth engine for the UK.
“We are going to invest £1 billion in domestic supply chains, which I expect will unlock billions more in investment and create thousands of jobs. Along with our partners like The National Wealth Fund, The Crown Estate, Great British Energy-Nuclear and many more, we are primed to develop innovative ways to grow new renewable technologies, ensuring our energy is engineered in the UK.”
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