UK Launches £8.3bn GB Energy with Crown Estate Partnership for £60bn Offshore Wind Farms

Jul 25, 2024, 10:37 AM

The UK government has launched Great British Energy, a new state-owned clean power company, as part of a broader green energy initiative. The initiative, spearheaded by Energy Secretary Ed Miliband and Prime Minister Keir Starmer, includes a significant partnership with the Crown Estate to develop offshore wind farms. This collaboration is expected to generate billions of pounds in revenue and aims to power 20 million homes within five years. The government projects that GB Energy could reduce consumer costs by £35 billion by 2050 and create 650,000 new jobs by 2030. Despite initial promises to cut energy bills by £300, the government now states that bills will decrease within five years. The initiative, costing £8.3bn, is part of a larger effort to reduce dependence on fossil fuels and promote renewable energy sources. Starmer highlighted the plan in a speech in the North West, noting that it aims to unleash £60bn in green energy investment, including floating offshore wind projects.