Prime Minister Keir Starmer and Energy Secretary Ed Miliband have unveiled a groundbreaking partnership between Great British Energy and The Crown Estate, aimed

at unlocking billions in investment for clean energy.

The announcement, made on July 25, 2024, introduces the Great British Energy Bill, which will facilitate the establishment of a publicly owned energy company. This new entity, backed by £8.3 billion in investment over the current Parliament, is designed to spearhead the UK’s transition to clean power.

Great British Energy will play a central role in the government’s strategy to transform Britain into a leading clean energy powerhouse. The company, owned by the British people, will manage and invest in clean energy projects across the UK, supported by substantial new funding.

This initiative follows recent policy shifts by the Energy Secretary, including the removal of the ban on onshore wind and the promotion of affordable solar energy. These moves are part of a broader effort to enhance the UK’s energy security and stimulate economic growth through domestic, sustainable energy sources.

The new partnership between Great British Energy and The Crown Estate aims to attract up to £60 billion in private investment. The Crown Estate, with its £16 billion portfolio of land and seabed, will contribute its expertise and resources, while Great British Energy will provide strategic industrial support and investment capacity.

This collaboration is expected to advance up to 20-30GW of new offshore wind projects by 2030, potentially powering nearly 20 million homes. It will also streamline the development process for offshore wind projects, reducing the time required to bring them online by up to 50%.

The partnership will also focus on reducing risks for developers and accelerating the rollout of new technologies, including carbon capture, hydrogen, and wave and tidal energy. By taking on additional early development work, the public sector will make it easier for private investors to contribute and support these initiatives.

This move aligns with the government's broader goals to protect households and businesses from volatile global energy prices and to build a resilient, clean energy infrastructure by 2030.

Great British Energy will be headquartered in Scotland and will support energy projects across the UK, with profits benefiting the British public. Discussions are underway with the Scottish Government and Crown Estate Scotland regarding how the new company can further support development and investment in Scotland.

To enable this ambitious project, the government is introducing two new bills in Parliament today, granting the necessary powers to both Great British Energy and The Crown Estate.

Prime Minister Keir Starmer said:

“My government is laser focused on delivering change, to make people better off. 

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.

My mission led government is rolling up our sleeves to deliver for Britain”.

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. 

The agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country”.

Chief Executive of the Crown Estate Dan Labbad said: 

“The Crown Estate exists to serve the national interest, including stewarding our natural resources to deliver a decarbonised, energy secure and sustainable future. 

With new powers and by partnering with government, we can drive greater investment into this future for our country, and with it support nature recovery and job creation”.