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Labour pledges to launch Great British Energy ‘within months’ of general election victory: it includes nuclear power.

 The Labour Party has unveiled more details on its plans to set up a
publicly owned energy company, Great British Energy, confirming its
intention to launch the firm as a priority should the Party win July’s
general election.

The Great British Energy website went live late on
Thursday night (30 May), providing more information on how the company
would work and the benefits it could bring in terms of lower energy bills,
new green jobs and future-proofing the UK.

Labour leader Kier Starmer has
stated that setting up Great British Energy would be one of his
government’s first steps after the election on 4 July. Great British
Energy would focus on energy generation in the first instance, the website
confirms. It would be backed with public funding from Labour’s
slimmed-down multi-billion-pound annual green investment coffers.

This funding would be raised through an enhanced windfall tax on North Sea oil
and gas operators, who already pay a 75% tax rate which would be hiked to
78% under a Labour Government. Labour wants to use Great British Energy
support both mature renewable and nuclear technologies, and emerging
technologies such as floating offshore wind, tidal and renewable hydrogen.
Regardless of a technology’s maturity, the aim will be to crowd in
private investment by offering the public funding and government expertise
needed to reduce risks for investors. Great British Energy would be based
in Scotland, and Labour has a vision to ensure that it supports energy
generation assets in all UK regions. It will partner with other
organisations to deliver at least 8GW of community renewables over the
course of the next Parliament.

 Edie 31st May 2024

https://www.edie.net/labour-pledges-to-launch-great-british-energy-within-months-of-general-election-victory/

June 4, 2024 - Posted by Christina Macpherson | politics, UK