The Great British Energy plans, unveiled in the King’s Speech, aim to transition the UK to 100% renewable electricity by 2030. This initiative, spearheaded by the Labour government following their landslide victory, is expected to lead to lower energy bills and the creation of 650,000 jobs. The establishment of Great British Energy (GB Energy), a new, publicly-owned energy production company, is central to this strategy. Headquartered in Scotland, GB Energy will be tasked with owning, managing, and operating clean power projects across the UK, with a focus on offshore wind. The government has allocated £8.3 billion over the next parliamentary term to support this endeavour.

The primary goal of GB Energy is to ensure that British households benefit from clean, secure, home-grown energy, ultimately aiming to reduce energy bills by £300 per household by 2030. This will be achieved by investing in renewable energy sources, which do not require the purchase of fuel for power generation, unlike gas-fired electricity. The reduction in reliance on gas is expected to lead to lower energy prices.

To incentivise the development of clean energy, the government will introduce a British Jobs Bonus, providing up to £500 million annually from 2026 to firms that offer good jobs, terms, and conditions, and build their manufacturing supply chains in key industrial, coastal, and energy communities.

The decarbonisation of the power system is also seen as a way to enhance energy security by reducing dependence on imported oil and gas, thereby shielding consumer bills from volatile international prices. This is particularly relevant in the context of the significant increase in energy prices following Russia’s invasion of Ukraine, which led to a tripling of the Ofgem energy price cap.

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