Powering up in Parliament: what was said about energy in the King’s speech?

13/08/24

The King’s Speech, delivered at the State Opening of Parliament in July, reinforced the Labour party’s election campaign manifesto that the renewable energy transition and achieving Net Zero is a stated key priority for the new government. Via the speech, the Government has fully committed to a policy of investment into renewable energy generation, which it believes will improve future energy security and lower consumer bills.

Amongst the 40 bills unveiled in the King’s Speech was The Great British Energy Bill, starting the process to establish Great British Energy (GBE), a completely new, publicly-owned and operated energy production company. The government has described GBE as a “green investment vehicle” to accelerate the development of clean power projects, focusing on investing in renewable energy, such as offshore wind, in partnership with the private sector.

“Aiming to make the UK a world leader in floating offshore wind, nuclear power, and hydrogen”

The intention behind GBE is to deliver cheaper energy, energy security and new jobs, and build supply chains across the UK. GBE has been allocated £8.3 billion, to be funded mainly through a windfall tax on North Sea oil & gas. To find out more, go to the GBE website. 

The road to becoming a clean energy superpower

As a major part of its Net Zero agenda, the Labour Government has declared its aim of doubling onshore wind, trebling solar power, and quadrupling offshore wind by 2030, in order to transform the country into a clean energy superpower by 2030.

Green energy contract options

The King’s speech reiterated the importance of renewable energy in achieving the UK’s Net Zero ambitions. With the new Labour Government making it a key focus of their manifesto, now could be the right time for your organisations to consider renewable energy contract options too. An increasing number of stakeholders now expect organisations within their supply chain to source energy from renewable sources, but there are several different renewable products available on the market which can meet your needs and understanding these can be a complex matter.

Please contact Innovative Energy Consultancy Ltd if you wish to discuss renewable energy further or look out for our upcoming article where we explore renewable energy in more detail.