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Prime Minister Keir Starmer said that the plans were “turbocharging our country toward energy security”, and promised that it would lower energy bills.<\/p>\n
However, the Conservatives have said GB Energy “will end up costing families, not cutting bills”.<\/p>\n
\u201cLabour have already been forced to admit that their flagship energy company won’t generate any energy, and now we know it’s a financial black hole – funnelling taxpayer’s money into reducing risk for multi-million-pound energy companies,” said shadow energy secretary Claire Coutinho.<\/p>\n
The government is providing GB Energy with \u00a38.3bn of funding but hopes to attract \u00a360bn of private investment.<\/p>\n
The aim is to get windfarm projects that could generate between 20GW and 30GW of offshore power to lease stage by 2030.<\/p>\n<\/div>\n<\/div>\n
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The partnership with the Crown Estate will, the government said lead to between 20GW and 30GW of new offshore wind reaching seabed lease stage by 2030<\/p>\n
The Crown Estate already had this as a target, but on Thursday the government confirmed it will help.<\/p>\n
The agreement is only for projects around England and Wales, but Labour is also in discussions with the Scottish government and Crown Estate Scotland on support for local projects.<\/p>\n
Last year, the Northern Ireland Executive and the Crown Estate agreed a statement of intent towards establishing leasing for offshore windfarms.<\/p>\n
Northern Ireland currently has no offshore windfarms after a number of projects were abandoned at the planning stage.<\/p>\n<\/div>\n<\/div>\n
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GB Energy will be “at the heart of the government\u2019s mission to make Britain a clean energy superpower”, the government said.<\/p>\n
It added that the company will take stakes in energy projects to help speed them up.<\/p>\n
This includes giving a boost to technologies including carbon capture and storage, which has yet to be deployed at scale, along with hydrogen, wave and tidal energy.<\/p>\n
Eventually, GB Energy may take a controlling interest in some renewables generation projects.<\/p>\n<\/div>\n<\/div>\n
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<\/picture><\/span>Getty Images<\/span><\/div>\n<\/figure>\n<\/div>\n