Government’s Great British Energy and Crown Estate announcement show high level of ambition to deliver on jobs and investment

Commenting on the Government’s announcement about its plans for the role of Great British Energy, a publicly-owned, state-backed company which will invest in renewable energy projects, working with The Crown Estate, RenewableUK’s Chief Executive Dan McGrail said:

“The industry welcomes the new Government’s high level of ambition to deliver clean, cheap power to billpayers, create jobs and build new supply chains. We also welcome any measures from the  Crown Estate that will cut the time it takes to build new projects, and the announcement that they intend to bring forward up to 30 gigawatts of new seabed leases will drive confidence among investors.

“The Crown Estate’s greater borrowing powers will enable it to invest in our supply chain, including much-needed port infrastructure to accommodate vital new manufacturing for offshore wind. This should be intertwined with the Industrial Growth Plan set out by the sector as a blueprint to triple the UK’s offshore wind manufacturing capacity over the next ten years by focussing on high-value parts of the supply chain such as blades, turbine towers, foundations and cables. This would support an extra 10,000 jobs a year and boost the UK’s economy by a further £24 billion.

“We also welcome further details on the role of Great British Energy. We’ve been clear that it can play a positive role in supporting innovative new technologies and community projects. However, it’s really vital that Great British Energy doesn’t disrupt the billions of pounds of private investment the Government will need to deliver their clean power ambitions, so the next steps of its development will have to be formed in close partnership with the sector. In the offshore wind industry alone, over £100bn of private capital will be needed to deliver the Government’s target of 60 gigawatts by 2030”. 

KeyFacts Energy Industry Directory: RenewableUK   l   GB Energy