Great British Energy (GBE) has unveiled a five-year strategic plan aimed at expediting the UK’s transition to renewable energy.
According to the plan, GBE intends to deliver a minimum of 15GW of clean energy generation and storage assets by 2030, which is projected to supply power to approximately ten million households.
The company expects its investments and long-term collaborations to mobilise £15bn ($20bn) in private finance over time.
More than 1,000 community energy projects are expected to be supported by GBE, with the aim of increasing participation from the public and local control within the domestic energy system.
GBE also anticipates that over 10,000 jobs will be directly supported via projects it backs and funds, including in regions that have traditionally relied on the oil and gas industries.
The body plans to deliver an income-generating portfolio, with income reinvested into expanding capacity and creating new opportunities.
GBE is said to function both as a developer and an equity investor, providing the public with a stake in the entire life cycle of clean energy infrastructure.
The company has identified three main areas of investment to deliver its mission, GBE Local, Onshore Energy, and Offshore Energy.
GBE Local focuses on ensuring that public services and communities benefit directly from local clean energy infrastructure.
Onshore Energy is aimed at harnessing the energy potential of land and enhancing grid stability while Offshore Energy seeks to speed up the nation's role in deep-water offshore wind.
The plan also elaborates on the £1bn 'Energy - Engineered in the UK' programme, which is designed to fortify the UK’s industrial base and support the delivery of the country’s industrial strategy.
This initiative is expected to help establish a long-term supply chain for clean energy.
The programme is scheduled for formal launch later in the month.
GBE CEO Dan McGrail said: “We are proud to be putting public ownership to work, unlocking investment, powering communities, creating jobs, and building an energy system that delivers for the UK.
“This Strategic Plan marks a major milestone in our mission to accelerate clean energy and the industries that support it.”
