Labour has unveiled plans to establish Great British Energy, a new publicly-owned energy company, as part of its strategy to achieve a net zero grid by 2030.

According to reports, the publicly-owned energy company could be established before the general election.

Speaking at the Innovation Zero event in London, Labour’s Shadow Climate and Net Zero Secretary Ed Miliband emphasised the importance of addressing key pillars to meet the net zero grid target.

Miliband highlighted the need for collaboration, stating that achieving the 2030 target would require a collective effort across government departments.

Great British Energy aims to drive investment in technologies like floating offshore wind and home decarbonisation.

Ed Miliband said: “Great British Energy will partner with the private sector to unlock technologies like floating offshore wind.

“We will see further investment in ports for infrastructure and drive the biggest investment in home decarbonisation this country has ever seen.

“If Labour is in power, this will be a whole government effort involving every department.”

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Article source: https://www.energylivenews.com/2024/05/02/uk-public-energy-company-possible-before-general-election/