The UK’s Parliament has approved the legislation for the new publicly owned energy company, Great British Energy (GBE). GBE plans to invest GBP200m (€238m) in clean power projects across the United Kingdom, as part of the government’s Plan for Change to become a clean energy superpower. The company has already started funding projects across the country to provide new rooftop solar power and renewable energy schemes for local communities that are expected to generate profits to reinvest into community projects or reduce their citizens energy bills.
In July 2024, the British Government announced the creation of the Great British Energy as a new clean power company to invest particularly in offshore wind developments and owning and operating assets in partnership with the private sector. The company will be capitalised with GBP8.3bn (almost €9.9bn) in funds over the course of the Parliament.
The UK aims to reach 50 GW of offshore wind capacity by 2030, to fully decarbonise its power system by 2035.