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ARTICLE · 19 JULY 2024

Labour Launches Great British Energy

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In today's King's Speech, the Labour government announced the creation of Great British Energy, a publicly-owned company with £8.3 billion to invest in renewable energy projects. The company will be headquartered in Scotland.

United KingdomEnergy and Natural Resources
Susan Bradley
Susan Bradley
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In the King's Speech delivered today at the State Opening of Parliament, the new Labour government made good on its promise to set up a new company, Great British Energy.

GB Energy will have £8.3 billion of new money over the course of this Parliament, and will invest in projects in partnership with the private sector.

The company will be headquartered in Scotland; according to the Holyrood website, there have been calls for it to be in Aberdeen, given the city's role in energy, but the Highlands and Edinburgh are apparently also under consideration.

The three initial priorities for Great British Energy, according to its website, are as follows:

  1. Co-investing in new technologies: these new technologies will include floating offshore wind, tidal power and hydrogen.

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