King Charles III Announces Proposed Legislation for a New Public Energy Organization
New State-Owned Company: Great British Energy
The UK government’s legislative agenda for the upcoming year includes the establishment of a new state-owned company called GB Energy. At today’s State Opening of Parliament in London (17 July), King Charles III announced the goals of the nation’s new Labour administration while confirming the move.
The queen declared in front of a crowded House of Lords that ministers are “committed to a clean energy transition” that will eventually result in lower consumer costs and that “my Government recognises the urgency of global climate change.”
Headquarters in Scotland, Accelerating Renewable Investment
He declared that the new public organization would have its headquarters in Scotland and would “accelerate investment in renewable energy including offshore wind.” It was a major feature of Labour’s pre-election manifesto and would be supported by a new National Wealth Fund.
Other Legislative Commitments
A government pledge to “get Britain building again” was made in other places in the King’s Speech, and it was backed by broad planning reforms, accelerated grid connections, and simplified consent for major infrastructure.
Additionally, a bill to expand the Crown Estate’s borrowing and investment authority for purposes such as leasing seabeds has been proposed.
Industry Reactions
“The £7 billion investment in GB Energy is a crucial step toward reinforcing the UK’s leadership in the energy transition,” stated George Morrison, CEO of Aquaterra Energy. We can advance vital sectors with Labour’s manifesto commitments to quadruple offshore wind capacity by 2030, set aside £1 billion for carbon capture and storage, and set aside £500 million for green hydrogen.
“We will only witness economic growth if we make it significantly easier and faster to build energy efficient homes, powered by abundant domestic clean energy, that Britain desperately needs,” continued Sam Richards, CEO of Britain Remade. Keir Starmer and Angela Rayner are transforming campaign rhetoric into real action by laying the groundwork for a revolution in infrastructure and home building with the Planning and Infrastructure Bill.
“The King’s Speech has kick-started a new legislative agenda on energy, renters’ rights, and local powers – all areas that will be crucial to put the country back on track to meet climate and fuel poverty targets,” said Juliet Phillips, program lead for energy transition at E3G. It is imperative that the government enact new legislation to promote a fair shift away from gas and oil, assist low-income households in reducing their energy costs, and hasten the switch to clean energy.
