GB Energy bill unveiled as PM says royal deal could reap £60bn investment in green energy

A bill to introduce the long-promised Great British Energy is to be introduced today as the government announces a major partnership between the new public energy company and the Crown Estate.

The flagship manifesto promise to introduce a clean power energy company is set to be realised through a fresh bill – following its announcement in the King’s Speech.

The publicly owned company is set to benefit from £8.3 billion of new money over the course of this parliament.

Energy Security and Net Zero Secretary Ed Miliband said:  “Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources.

“Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission.”

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The Crown Estate, which has a £16 billion portfolio of land and seabed, estimates the partnership could lead to up to 20-30GW of offshore wind developments at seabed lease stage by the end of the decade.

GB Energy has long been promised by Starmer’s Labour in opposition – a publicly owned energy company that would invest in clean power.

Prime Minister Keir Starmer said: “This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.   

“This agreement will drive up to £60 billion in investment into the sector, turbocharging our country toward energy security, the next generation of skilled jobs, and lowering bills for families and business.”

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