How Great British Energy will protect UK from another cost-of-living crisis

From oil and gas to onshore and offshore wind – Scotland has always been at the heart of the UK’s energy industry. We have cultivated world-leading energy infrastructure, workforce and expertise as we have produced and exported our own energy.

And yet, we have still been victim to volatile global fossil fuel markets and energy bill shocks after Putin invaded Ukraine. This has had a terrible impact on families in Scotland.

The Climate Change Committee is clear that the greatest protection from another cost-of-living crisis is homegrown, British-based renewable energy. Indeed, their progress report to Parliament last week said renewable energy is the “cheapest and fastest” way to reduce our energy insecurity.

Scotland already has a thriving renewable sector and has made an enormous contribution with both onshore and offshore wind, and solar projects across the country. But we are now in a race for homegrown clean energy to protect ourselves in the long-term – boosting our energy independence, creating jobs and tackling climate change.

It’s clear that people understand the case for Great British Energy, our new publicly owned energy company. A recent poll by More in Common found that 73 per cent of people support the creation of Great British Energy.

Enormous opportunity

Our European neighbours have been doing this for decades, recognising the benefits of a dynamic state partnering with the private sector to deliver for families and businesses.

We’re setting out how Great British Energy will drive forward our clean-power mission from Scotland, and help secure the future of Scottish industries, from offshore wind to carbon capture or hydrogen. This is an enormous opportunity for Scotland to pave the way in industries of the future and benefit from new jobs as we transition away from oil and gas.

To ensure the new company can deliver on this mission, and own and invest in new clean energy projects across Scotland, we’re also introducing legislation in Parliament today. Great British Energy, owned by the British people for the British people, will shatter the UK’s reliance on fossil fuel markets in a blow to Putin’s agenda and put energy security back into our hands to protect billpayers.

A national mission

Headquartering the company here in Scotland will make the most of its abundant existing expertise and skilled workforce, backed by £8.3 billion of catalysing new investment across the four regions, over the Parliament.  

We’re wasting no time in setting up Great British Energy, and taking these important first steps, so we can get going on this vital work, which will create economic opportunities and jobs as part of Scotland’s green energy transition.

This includes an unprecedented new partnership between Great British Energy and The Crown Estate, which owns a £16 billion portfolio of land and seabed in and around England, Wales and Northern Ireland, to unlock new renewable projects. And as part of this, we are working closely with the Scottish Government and Crown Estate Scotland to see how Great British Energy could support groundbreaking technologies in Scotland too.

This is a national mission: all corners of our country working together to deliver the energy security we need and the climate leadership we have – until now – been lacking.

Michael Shanks is Labour MP for Rutherglen and UK Government energy minister