TUC welcomes launch of GB Energy

TUC welcomes launch of GB Energy

• Union body says King Speech announcement on GB Energy is “common sense – those who own the future end up better off”
• Setting GB Energy up to build new clean power can create good jobs, speed up climate action and make the UK better-off, says TUC

TUC today (Wednesday) welcomed the new government’s commitment in the King’s Speech to establish Great British Energy as a “publicly-owned energy production company which will own, manage and operate clean power projects up and down the country." 

The new government’s Bill will establish GB Energy to “develop, own and operate assets” and to “take a stake for the British people in projects and supply chains which accelerate technologies of the future, reaping benefits at home in cheap clean power and securing Britain at the front of the global race for technology.”

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Britain’s peers in Europe all have publicly-owned energy generation companies – France has EDF, Denmark has Orsted, Sweden has Vattenfall. The city of Munich’s energy company owns a wind farm off the coast of Wales.

Now finally, a UK government will set up a public energy generating champion that can make the country richer, create good jobs and cut carbon emissions. 

A publicly-owned energy company could help dramatically expand the UK’s supply of clean power – such as offshore wind, tidal, and nuclear.

The union body says that a public clean power champion could boost domestic investment, make the UK a global leader in zero carbon technology, and make the country energy independent.

It can play an important role in delivering a Just Transition for high-carbon workers during the transition to Net Zero.

TUC General Secretary Paul Nowak said:  

“The King’s Speech recognised that publicly-owned energy companies work. Across Europe they have lowered household bills and delivered good jobs. 

“But energy privatisation in UK has fed foreign firms’ profits and subsidised cheaper bills abroad, while British households have struggled to heat their homes and pay their bills. 

“The new Labour Government is taking a common-sense approach. Those who own and invest into the future end up better off. 

“Setting GB Energy up to build new clean power can create good jobs, speed up climate action and make the UK better-off.”