Energy industry responds to new Great British Energy launch

Great British Energy Unveiled to Boost Clean Energy and Attract Investment

Thursday 25 July 2024

Today marked a significant milestone as the government introduced Great British Energy, the new public energy company aimed at propelling the UK’s clean energy sector to new heights. Energy UK’s Chief Executive, Emma Pinchbeck, expressed optimism about the potential of GB Energy to draw private investment, expedite project completion, and foster the growth of innovative technologies and community initiatives.

Pinchbeck emphasized the importance of collaboration between GB Energy and the private sector to ensure the mutual benefit of economic growth and sustained advancement in clean energy technologies. She stressed that GB Energy should complement, not duplicate, the efforts of existing private sector entities.

According to Pinchbeck, “GB Energy can play a crucial role in translating the government’s clean energy ambitions into reality by attracting additional private sector investments, accelerating project timelines, and providing essential support to developers through its established supply chain.”

RenewableUK’s Chief Executive, Dan McGrail, echoed Pinchbeck’s sentiments by acknowledging the potential of GB Energy to support emerging technologies and community projects. However, McGrail underscored the necessity for GB Energy to work in close collaboration with the private sector to avoid disrupting the significant private investments required to meet the government’s clean power targets.

Scottish Renewables welcomed the government’s announcement, which outlined the envisioned role of GB Energy in the energy market. Claire Mack, Chief Executive of Scottish Renewables, commended the commitment to expedite the deployment of renewable energy as a critical step towards decarbonizing the economy, enhancing energy security, and reducing energy costs. However, Mack emphasized the need for clarity on how GB Energy will support new developments and investments in Scotland’s existing and future energy projects.

Jess Ralston from the Energy and Climate Intelligence Unit highlighted GB Energy’s potential to enhance energy independence and community engagement, ultimately contributing to a more secure and sustainable energy future for the UK. Ralston emphasized the importance of leveraging renewable power sources to reduce dependence on volatile gas markets and mitigate rising energy bills.

Green Alliance’s Director of Policy and Research, Roz Bulleid, lauded the government’s focus on renewable energy and community-centric benefits through GB Energy. Bulleid praised the initiative for its potential to align with climate targets, drive down energy costs, and ensure that new renewable projects provide tangible benefits to local communities.

Greg Jackson, Founder and CEO of Octopus Energy, welcomed the announcement, highlighting the potential for GB Energy to lower energy bills and expedite grid connections for new developments. Jackson expressed enthusiasm about the prospect of accelerating grid connections to facilitate the rapid deployment of green energy sources, ultimately reducing costs and enhancing productivity across various sectors.

Sam Hollister, Head of Economics, Policy and Investment at LCP Delta, emphasized the upcoming challenges and opportunities facing GB Energy in the upcoming CfD auction. Hollister stressed the importance of the industry’s response in delivering substantial volumes of renewable power to support the government’s ambitious clean power targets for 2030. With the industry striving to catch up with decarbonization goals, GB Energy’s collaboration with stakeholders will be pivotal in driving the necessary progress.

Join the Net Zero Club News Network

To stay updated on the latest developments in clean energy and sustainability, join our growing community at the Net Zero Club News Network. Register now to access exclusive articles and insights that delve deeper into the world of renewable energy and environmental conservation.