The UK Government’s flagship plan to create a publicly owned energy company has cleared a major hurdle, after MPs voted to approve the formation of Great British Energy.
The new company, which will be headquartered in Aberdeen, aims to invest in clean power projects across the UK, with the goal of accelerating the transition to net zero while ensuring British communities benefit from energy infrastructure.
The Great British Energy Bill passed through Parliament with support from all devolved governments, paving the way for the company to open its first regional site in the north-east of Scotland.
Writing in The Press and Journal today, chief executive Dan McGrail said the approval would give communities “a stake in clean power” and marked a new chapter for the country’s energy future.
“We think British people should own and benefit from our own natural resources,” Mr McGrail said. “That’s why we are giving people a stake in clean power as a publicly-owned energy company.”
He said the decision to base the new company in Aberdeen recognised the city’s critical role in the energy transition, placing it “in the heart of Europe’s energy capital” as it pivots from oil and gas to renewables.
The company plans to invest billions of pounds in renewable energy, including offshore wind, community-owned schemes, and projects that reduce household energy bills. Mr McGrail confirmed £8.6billion would be spent on offshore wind and energy efficiency measures.
The creation of Great British Energy was a key pledge in Labour’s 2024 election manifesto.