GB Energy to partner with the Crown Estate to push forward offshore windfarm projects
The UK government and the monarchy's land and property business will join forces to attract investment in new a publicly-owned energy firm, Labour has said.
Labour said it will invest £8.3bn in the Scotland-based company, partly funded by a North Sea oil and gas windfall tax, and create it with the passing of a law. Labour's hope is that GB Energy, a key manifesto pledge, will reduce UK "over-reliance" on fossil fuel markets, with prices rising rapidly after Russia's invasion of Ukraine.GB Energy will be "at the heart of the government’s mission to make Britain a clean energy superpower", the government said.This includes giving a boost to technologies including carbon capture and storage, which has yet to be deployed at scale, along with hydrogen, wave and tidal energy.
The agreement is only for projects around England and Wales, but the UK government is also in discussions with the Scottish Government and Crown Estate Scotland on support for Scottish projects.Prime Minister Keir Starmer said that the plans were "turbocharging our country toward energy security", and promised that it would lower energy bills.
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