One of the key proposals within the Labour party’s manifesto was to ‘Make Britian a clean energy superpower’ by launching a new, publicly owned, clean energy company known as ‘Great British Energy’ (GB Energy).

The concept behind the new energy company is to make Britain more energy independent and less reliant on sourcing energy from other countries. To help deliver the project, Labour has committed to invest £8.3bn during this parliament. They also seek further investment of £60bn from other sources (mainly private investment).

Headquartered in Scotland, GB Energy plans to generate around 650,000 jobs across Britain by 2030. Not only that, but it also promises to invest in clean energy across the country and bring profits back to the British people.

In July this year, GB Energy announced a partnership with the Crown Estate. This new partnership is intended to accelerate the creation of a clean energy infrastructure. A partnership that includes plans to construct new offshore wind turbines and has the potential to leverage the £60bn investment GB Energy seeks.

Also announced in July was the news that former CEO of Siemens UK, Juergen Maier will be the Chair of Great British Energy.

Great British Energy promises and functions [1]

Project development
Leading projects through development stages to speed up their delivery, whilst capturing more value for the British public

Project investment
Investing in energy projects alongside the private sector, helping get them off the ground

Local Power Plan
Supporting local energy generation projects through working with local authorities, combined authorities and communities

Supply chains
Building supply chains across the UK, boosting energy independence and creating jobs

Great British Nuclear
Exploring how Great British Energy and Great British Nuclear will work together, including considering how Great British Nuclear functions will fit with Great British Energy

How Great British Energy may affect your energy bills       

Part of Labours plans within Great British Energy is to reduce standing charges – the fixed daily rate you pay for your energy, no matter how much you consume. This of course is good news for both UK businesses and homeowners.

Great British Energy Q&A

Who owns Great British Energy?

The UK Government, which in turn, means the British people.

What type of energy will Great British Energy focus on?

Renewable energy sources, including solar, wind and potentially hydrogen.

How will GB Energy impact consumers?

Should GB Energy be successful in the increased generation of renewable energy, consumers may benefit from an increased energy security and a potentially lower energy price in the longer term. Alongside this, any profits could potentially be reinvested into public services or used to offset costs for consumers.

How will GB Energy create new jobs?

With the focus being on renewable energy, it is expected that there will be a significant increase in the number of jobs created within this sector. These roles will vary, ranging from construction, maintenance, operation etc. GB Energy has predicted that it will create around 650,000 new jobs and careers, strengthening our future within the industry.

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