| Great British Energy | |
| Formed: | 2024 |
| Jurisdiction: | United Kingdom |
| Status: | Ongoing; see Great British Energy Bill |
| Minister1 Name: | Ed Miliband |
| Minister1 Pfo: | Secretary of State for Energy Security and Net Zero |
| Parent Department: | Department for Energy Security and Net Zero |
| Child25 Agency: | --> |
| Keydocument6: | --> |
Great British Energy (shortened to GB Energy or GBE) is a planned British governmental investment body and publicly owned energy generation company that has been announced as part of the British Labour Party's plans for energy policy.[1] [2] [3] [4] The proposed body would invest in renewable energy and own, manage and operate clean power projects. The Labour Party plans to pass legislation in the form of a "Great British Energy Bill" [5] to enable the creation of the company.[6]
The idea was originally created by the former Labour leader Ed Miliband as part of a wider platform of policies.[7] Prior to June 2024, Great British Energy had been floated by the Labour Party as being a proposal for the creation of an energy generating company, rather than an investment body.[8] As the minister responsible, Miliband later recommitted to the proposal of GBE as an energy generator, comparing the body to energy companies such as Ørsted and Statkraft.[9]
Great British Energy will have its headquarters in Scotland.[10] A target has been set for GBE to be directly responsible for generating 8 GW of renewable power by 2030.[11] According to the Labour Party, some of the funding for GBE would be provided from additional taxation of the fossil fuel industry.
On 5 July 2024, Ed Miliband was newly appointed as Secretary of State for Energy Security and Net Zero and made his first formal announcement to civil servants, outlining his priorities to make the UK a clean energy superpower with the creation of GB Energy.[12]
The government initiated a plan to utilize the Crown Estate's British seabed for windfarms, aiming to power 20 million homes. This was the first major move by GB Energy, receiving £8.3bn in state funding to boost renewable energy. Ed Miliband asserted that the initiative would eventually lower household bills, although the Conservative Party criticized it as costly for families. The plan also included discussions with Scotland and Northern Ireland for similar projects. The government sought to attract £60bn in private investment, and to involve GB Energy in various renewable projects, including carbon capture and tidal energy.[13]
Opposition to the planned GB Energy, has included the claim from the Conservative opposition, that GB Energy will lead to higher energy bills, as part of a general opposition to state-ownership of the electricity markets, which led to the moniker "Giant Bills Energy".[14]
There has also been opposition to GB Energy as part of a general opposition to Net Zero emissions targets, as GB Energy aims to be powered entirely through renewable energy sources, such as wind and solar, according to the ruling Labour Party.[15] [16]