The UK Parliament has passed legislation establishing Great British Energy, a new publicly owned company to advance the nation’s clean power initiatives.
The move aligns with the government’s ambition to transform the UK into a clean energy superpower and stabilise energy costs for families.
Great British Energy, backed by an £8.3bn ($11bn) investment over the 2024 to 2029 parliamentary term, seeks to accelerate strategic energy projects and collaborate with the private sector.
The focus is on developing new technologies such as floating offshore wind, in line with the government’s modern industrial strategy.
The company has allocated £200m towards renewable energy projects, including rooftop solar installations for schools, hospitals and communities.
This initiative is expected to generate significant energy bill savings, with NHS Humber Health Partnership already set to save up to £14.2m over the lifetime of its £8.5m grant.
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By GlobalDataScotland’s community energy fund has also recently opened, supported by a £4m investment from Great British Energy for local clean energy ventures such as onshore wind, solar and hydropower projects. Potential profits will be re-invested into community projects or reducing energy bills.
Great British Energy chair Juergen Maier stated: “Great British Energy was created to ensure British people reap the benefits of clean, secure, homegrown energy. We now have full backing to scale up the company, crowd in investment and back clean energy projects across the country.”
In Wales, almost £3m of Great British Energy funding will bolster local renewable projects.
A roundtable in Edinburgh, co-hosted with Scottish Secretary Ian Murray, will explore supply chain opportunities in Scotland, following an initial £300m investment in offshore wind supply chains.
The funding will support UK workers and promote the manufacturing of offshore wind components domestically.
The Great British Energy Bill has received consent from all three devolved governments in a first for the parliament which began in 2024. This enables the company to operate effectively across the UK.
Energy Secretary Ed Miliband stated: “Great British Energy comes from a simple idea: British people should own and benefit from our own natural resources. We are giving people a stake in clean energy and delivering profits for the British people.
“As part of our Plan for Change, this will make us a clean energy superpower and help bring down energy bills for good.”
Britain’s National Energy System Operator predicts that summer 2025 may see the lowest-ever electricity demand, potentially dropping below 13.4GW due to increased renewable generation and affordable power imports from Europe.
