The UK Labour party will soon get to work launching GB Energy following its landslide General Election win.
Speaking to the BBC early today following confirmation that Labour would return to power after 14 years, Ed Miliband – set to be appointed Secretary of State for Energy Security and Net Zero – said it would “hit the ground running” in launching the new publicly owned company, echoing comments from leader Sir Keir Starmer, who said it would be an immediate priority.
North Sea oil and gas operators will see a windfall tax rise, from 75% to 78%, which will raise £8.3bn in funding for GB Energy, which will be based in Scotland, most likely in Aberdeen.
The newly formed entity, a key driver in broader decarbonisation aims, will support emerging technologies such as green hydrogen and carbon capture and storage (CCS) and accelerate existing sectors, such as offshore wind. It will be supported by a National Wealth Fund which will invest in key infrastructure such as ports.
... to continue reading you must be subscribed
