Labour unveils details for new publicly-owned energy company in manifesto

Posted at June 13, 2024 » By : » Categories : News » Comments Off on Labour unveils details for new publicly-owned energy company in manifesto

Labour has announced plans to establish a new publicly-owned company, Great British Energy, as part of its manifesto released today.

The company aims to drive investment in clean, home-grown energy production and will be owned by the British public.

Great British Energy will collaborate with industry and trade unions to invest in leading technologies and support capital-intensive projects.

The new company will partner with energy companies, local authorities and co-operatives to install numerous clean power projects, including onshore wind, solar and hydropower.

Communities will be invited to propose projects, with local leaders and devolved governments ensuring the benefits of this energy production reach local people.

To support this initiative, Labour has committed £8.3 billion over the next parliament.

The company is expected to create jobs and build supply chains throughout the UK, with Scotland serving as the headquarters for this clean energy mission.

Labour has also outlined its commitment to achieving a zero-carbon electricity system by 2030 in its latest manifesto.

The party aims to lower bills and enhance energy security through a series of initiatives.

The manifesto details plans to upgrade the national transmission infrastructure to support clean power generation and industrial electrification.

Labour also intends to strengthen the energy regulator to improve customer service and attract investment in bill reduction.

Labour plans to double onshore wind, triple solar power and quadruple offshore wind by 2030.

The party aims to ensure long term energy storage and maintain a strategic reserve of gas power stations to guarantee security.

As part of the Warm Homes Plan, Labour will invest £6.6 billion to upgrade five million homes with insulation and other improvements to reduce bills.

The manifesto also includes measures to ensure private rented homes meet minimum energy efficiency standards by 2030.

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