What is GB Energy?
Great British Energy (GB Energy) is a publicly owned energy generation company established by the UK government in 2024. Headquartered in Aberdeen, Scotland, its primary mission is to invest in and develop renewable energy projects, thereby enhancing the UK’s energy security, creating jobs, and contributing to the nation’s wealth.
Funding
GB Energy is a key component of the government’s Green Prosperity Plan, with funding sourced from:
Increased Windfall Taxes: Higher taxes on oil and gas companies are expected to generate approximately £1.2 billion over the next parliamentary term.
Responsible Borrowing: Additional funds will be secured through government borrowing to support the company’s initiatives.
In total, GB Energy has been allocated £8.3 billion over five years to invest in renewable energy projects.
Objectives
GB Energy aims to:
Develop Clean Energy Projects: Collaborate with the Crown Estate to utilize British seabed areas for wind farms, aiming to power 20 million homes.
Invest in Renewable Energy: Own and manage stakes in renewable energy projects, including offshore wind, tidal power, floating offshore wind farms, green hydrogen, and carbon capture technologies.
Support Community Energy: Incentivize local power generation through the Local Power Plan, promoting community-led energy projects.
Enhance Energy Supply Chains: Strengthen the UK’s clean energy supply chains to support the development and deployment of renewable technologies.
Collaborate on Nuclear Projects: Work with Great British Nuclear to deliver new nuclear energy projects, contributing to a diverse and secure energy mix.
Through these initiatives, GB Energy seeks to accelerate the UK’s transition to renewable energy, aiming to decarbonize the electricity system by 2030 and reduce household energy bills in the long term.
Sources
This article was produced with the help of Chat-GPT based on these sources (paywalled articles omitted):
https://en.wikipedia.org/wiki/Great_British_Energy
https://www.lewisdavey.com/blog/great-british-energy-explained