Government's New GB Energy Will Partner With Crown Estate
Prime minister Keir Starmer and energy secretary Ed Miliband launched GB Energy today. (Alamy)
3 min read
The Government will work with the Crown Estate to deliver Great British Energy, Prime Minister Keir Starmer said on Thursday at the launch of the major Labour policy.
The new Labour administration says GB Energy will be a publicly owned clean energy company which will secure public and private investment in renewables like wind, solar, and hydro power, with £8.3bn set aside for the project over this parliament.
The policy was was one of Labour's core manifesto pledges during the General Election campaign. Starmer, who launched the policy alongside energy secretary Ed Miliband in Cheshire today, says it will not only bring down household bills and reduce UK dependence on energy from abroad, but also stimulate economic growth.
The Crown Estate, which refers to a collection of land and holdings in the UK belonging to the monarchy, estimates the partnership will power the equivalent of almost 20 million homes by 2030 through new offshore wind developments.
According to Government figures, the Crown Estate has a £16bn portfolio of land and seabed. The Estate functions independently, with its net profits returned to the Treasury. Its CEO is Australian property expert Dan Labbad.
Speaking at the press conference launching the project, Starmer criticised the previous Conservative government's record on the energy and the environment, claiming it had "dropped the ball" and left "the worst inheritance since the Second World War".
"This Government isn't driven by ideology, but by our determination to deliver for the British people," said the Prime Minister.
"So we will be pro-business, pro-worker and pro-wealth creation for all maximizing our assets — rather than flogging them off — to bring a better return for the taxpayer.
"And this new partnership — Great British Energy, the Crown Estate — will unleash a tidal wave of public and private investment to drive the low carbon transition, create good secure jobs, and supply chains across Britain."
Starmer confirmed Juergen Maier, former head of Siemens in the UK, has been appointed as chair of GB Energy.
While the Government says it is committed to clean energy, Starmer confirmed that ministers would not be revoking pre-existing oil and gas licenses issued by the Tory government.
"None of the licenses that have been granted are going to be revoked or interfered with by us," said Starmer. "But the transition is coming to renewables. Everybody knows that, everybody in the sector knows that.
"What you have with mission driven government purpose driven government is an absolute determination to see that as an opportunity to manage that transition in a fair way, particularly for those that are working in oil and gas."
Miliband, also speaking in Cheshire, said the new project would unlock "billions" of investment in the UK, and that the "Government believes it is time for the British people to make things and own things."
"The Crown Estate's a lasting institution that will go beyond one term or one government to steward Britain's energy resources for the benefit of the nation, speeding up delivery of clean power, building supply chains, driving investment and delivering jobs," said Secretary of State for Energy Security and Net Zero.
PoliticsHome Newsletters
PoliticsHome provides the most comprehensive coverage of UK politics anywhere on the web, offering high quality original reporting and analysis: Subscribe
