The UK government has allocated the first £125 million (€150 million) in funds for the publicly owned energy company Great British Energy in its 2024 budget – the first of the new Labour government.
The budget – announced today (30 October) by chancellor Rachel Reeves – will provide Great British Energy with £100 million capital funding in 2025-26 for the development of renewable energy projects, with an additional £25 million allocated to establish it as a company headquartered in Aberdeen, Scotland. The company is due to be backed with £8.3 billion (€9.8 billion) over the five-year parliamentary term.
The Labour government also allocated £134 million to support port infrastructure to facilitate floating offshore wind projects in the country. The UK awarded seabed leases for floating wind projects in its ScotWind round in 2022, and is due to award further floating sites through the ongoing Celtic Sea round.
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Labour first confirmed its plans to launch Great British Energy as a publicly owned developer, owner and operator of clean energy projects in the King’s Speech back in July.
It is expected that the company will develop renewable energy projects including onshore and offshore wind.
The Labour government hopes to double the UK’s current onshore wind capacity and quadruple offshore wind capacity by the end of the decade.
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