Geoconsult’s Post

What is Great British Energy and what will it do? It was one of Labour’s flagship pledges during the General Election and launched with a promise to cut energy bills while providing tens of thousands of jobs. GB Energy will “own, manage and operate clean power projects” across the UK, according to the Government. Backed by more than £8bn in public funds – paid for by a windfall tax on fossil fuel firms – it will invest in clean energy technology as well as small to medium-sized renewable projects across the UK. Its aim is to increase the UK’s energy independence, reach net zero carbon emissions, invest in renewables and lower energy bills. The idea is that whatever profit it makes through its investments will go back to the taxpayer, instead of a foreign company, as happens with some internationally owned firms. The Head Quarters are based in Aberdeen and STV news did a deep dive into the potential impact: https://ow.ly/X1au50TkUV2

One of Labour's key pledges before taking office, was to 'create Great British Energy'. 🇬🇧 🌱 Now that Labour are in government, they have officially launched Great British Energy with an £8.3 billion investment to accelerate the development of cutting-edge energy technologies like green hydrogen and floating offshore wind. This initiative promises to enhance the UK's renewable infrastructure and create 650,000 new jobs, which is great news for recruitment businesses operating in the Energy sector. Want to know what else Great British Energy will do? Read the below article by The Economist. #GreatBritishEnergy #GBEnergy #UKEngineering #RenewableEnergy

🔔 New Chamber Article 🔔 ⚡ What Actually is 'Great British Energy'? ⚡ Key Takeaways: 👉 GB Energy will expand state ownership in the energy sector, but will fall short of full nationalisation. 👉 GB Energy will supplement government funds, encourage green investments and provide skilled jobs. 👉 The Government will work alongside the private sector 👉 Labour's GB Energy is part of a broader shift towards industrial strategy Great British Energy has been called everything from a state owned corporation to an investment vehicle, but what is GB Energy really and what effect will it have on the UK? Read Below 👇 https://lnkd.in/djvKw2gN

New Gov, New Energy Policies: What This Means for Your Business 🌍 With Labour's recent win and a focus on renewable energy, now's the time for businesses to consider flexible gas and power contracts and join the 'Made in Energy Basket'. Here's what's changing: 🔹 Stronger Pound: Cheaper imports but pricier exports. 🔹 Renewable Boost: Expect more green investments via GB Energy. 🔹 Price Volatility: More renewables can mean fluctuating costs. 🔹 International Cooperation: A friendlier approach to Europe. 🔹 Planning Hurdles: Onshore wind and solar face NIMBY resistance. 🔗 https://lnkd.in/ecjRdGhp Members of Made in the Midlands and Made in Yorkshire can join our energy basket to save £££ on their energy procurement and access a range of net-zero tools. Embrace flexibility to benefit from potential cost reductions while managing risks. Contact Nigel A. us to learn how they can help! Stay Connected with the Made Community! Share your news, promote your achievements, and connect with industry peers from your dashboard. Join the conversation: Tag us with #backingbritain #madeinthemidlands  📌 Interested in joining? Visit https://lnkd.in/eXPHEkr to learn more! #Energy #Renewables #BusinessStrategy #NewGovernment #ControlEnergyCosts #UKEnergyPolicy #MadeinUK #NetZero Jon Stone Adriano Zucchelli Phil Ager Emma Nicholls Gail Arnold Andrew Essom Robert Taylor Lee Martin Michael Hill Nick Hodges Michael O'Shea Stephen OConnor Marc Marren Thomas Barrett Tim Lyons Danny Macfarlane Allan Dolby Len Palmer MBA Stuart Martin Tom Miller Jonathan Atkinson Daryl Lowe Luke Parker

As a UK green energy supplier, GEL is pleased to welcome the recent announcement of GB Energy and the National Wealth Fund (NWF). Both schemes recognise the importance of establishing Britain as a clean energy superpower and the increasing need to build energy independence in today’s geopolitical climate - these align with GEL’s primary goals.   GB Energy plans to deliver power back to the British people through investing in leading technologies, projects and deploying local energy production to communities across the country. Its focus will be the production of ‘clean low carbon energy’. This £8.3 billion scheme will create a multitude of jobs for local British people and boost the UK’s energy independence, both of which GEL is really passionate about.   The NWF will operate as a point of investment for those who want to invest in Britain’s key industries. The aim of the NWF is to provide investors with the confidence to fund the technologies and infrastructure needed to drive growth within Britain’s key industries, such as in the renewable energy sector.   We are extremely excited about where these two schemes could take the UK’s green energy industry and we believe it is certainly a step in the right direction toward a greener and cleaner future for Britain. Department for Energy Security and Net Zero #GEL #Geothermal #Energy #UnitedDowns #Cornwall #Green #Greenerandcleaner #Nationalwealthfund #GBEnergy #UK #Energytransition

The energy industry in the UK currently supports 200,000 jobs and contributes £20 billion a year to the UK economy. Offshore Energies UK (OEUK) predicts the industry could unlock a further £200 billion of new investment, generate thousands more jobs and transform the UK into a world-leading green economy by making the most of the nation’s energy skills, companies and energy communities. #EnergyTransition https://lnkd.in/ebU_D6NB

In one week, what has the new Government done for Energy? It has been a week since the election and with Ed Miliband appointed the new Secretary of State for Energy Security and Net Zero the Labour Government are putting into action their plans for Energy, showing a 𝐜𝐥𝐞𝐚𝐫 𝐜𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 𝐭𝐨 𝐜𝐥𝐞𝐚𝐧 𝐞𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐧𝐞𝐭 𝐳𝐞𝐫𝐨 𝐭𝐚𝐫𝐠𝐞𝐭. This week we have seen:   🔋 The clean energy goal brought forward to 2030. 💨 The "ban" on onshore wind lifted. 💡 A commitment to establishing Great British Energy to bring around public ownership of energy. 💰 The launch of the National Wealth Fund with goal to unlock billions of pounds of investment into the UK’s world-leading green and growth industries.   The aim is clearly to increase output in this sector to reach the clean energy target and simultaneously improve the economic climate by reducing costs on consumers and creating jobs. I am really pleased to be a part of a team with such a wealth of experience in this area and I am looking forward to watching this space develop over the term of this Government.   Even for those businesses that sit outside the energy sector, clean energy is becoming an area that businesses must be increasingly cognisant of to maximise profits, meet their corporate social responsibilities and ensure an alignment with regulatory plans. Our 𝐄𝐧𝐞𝐫𝐠𝐲 𝐑𝐞𝐚𝐝𝐲 𝐓𝐨𝐨𝐥 has been designed with this in mind:    https://lnkd.in/eJZ2J-cH 𝑃𝑖𝑐𝑡𝑢𝑟𝑒𝑑: 𝐿𝑜𝑤𝑒𝑠𝑡𝑜𝑓𝑡 𝑐. 2018. 𝑁𝑜𝑤 ℎ𝑜𝑚𝑒 𝑜𝑓 𝑎 𝑟𝑒𝑑𝑒𝑣𝑒𝑙𝑜𝑝𝑚𝑒𝑛𝑡 𝑝𝑟𝑜𝑗𝑒𝑐𝑡 𝑡𝑜 𝑡𝑟𝑎𝑛𝑠𝑓𝑜𝑟𝑚 𝑡ℎ𝑒 𝑝𝑜𝑟𝑡 𝑖𝑛𝑡𝑜 𝑎𝑛 𝑜𝑓𝑓𝑠ℎ𝑜𝑟𝑒 𝑒𝑛𝑒𝑟𝑔𝑦 ℎ𝑢𝑏.

More details are coming out today on the UK government's plans for Great British Energy. The key figures to note are a total budget of £8.3bn over the next five years and the possibility of 20-30 GW of offshore wind 'reaching seabed lease stage' by 2030 through enhanced cooperation with the Crown Estate. The UK, of course, had a Green Investment Bank between 2012 and 2015 before it was privatised to allow it to raise capital without affecting public debt. How this all works will be fascinating. The Crown Estate already carries out some scoping work on offshore wind leases as part of its auction preparations, so how much extra heft will the addition of GB Energy provide? Centralised site pre-investigation is already extensively used in many countries, such as the Netherlands, Germany and Denmark, so are we moving closer to that sort of system and, if so, how much control will developers have over site selection and other parameters (not that the lesser freedom of choice has much effect on auction demand in those countries)? And how much would £8.3bn get you anyway, if it's all dedicated to offshore wind? Maybe 5-10 GW, roughly, if fully funding new capacity, but from the terms of the announcement it seems more likely that the money will be spent on funding devex (and de-risking) before private investors come onboard. This wouldn't by itself do much for overall investability, which would still depend on pricing (for both turbines and power) being favourable. https://lnkd.in/gmUbGCTW #energytransition #offshorewind #GBEnergy #windpower #turbines

The King's Speech on 17th July, 2024 has revealed government initiatives, including the formation of Great British Energy and a National Wealth Fund. The agenda features a "new deal for working people," legislative reforms in railways, and the establishment of Great British Energy to invest in renewable projects like wind farms and clean hydrogen technologies. While not a direct energy supplier, the entity will focus on power generation and managing renewables with private sector collaboration. The Labour Party aims to fund Great British Energy in Scotland through a windfall tax on oil and gas companies. Moreover, plans include creating a National Wealth Fund to allocate £7.3 billion towards infrastructure and green sectors in the next five years. (Source: Energy Live News Ltd) #NationalWealthFund #GreenFuture #EnergyTransition #KingsSpeech

UK government’s attitude to energy storage investment ‘distressing’... A parliamentary committee this week made three recommendations for increasing energy storage deployment after accusing UK government of dithering over storage investment - UK ill-prepared for energy supply shocks, says parliamentary committee - Scale of UK government’s energy support package relative to GDP is among highest in Europe - UK government dithering over energy storage investment that would insulate economy against energy supply shocks - Science and tech committee makes three recommendations for increasing storage deployment By Ben Cook To read the full article, click here: https://hubs.la/Q02pB2Y_0 #energystorage #batterystorage #uk #westminster #energytransition #longdurationstorage #energysecurity