The Labour government will present its green energy infrastructure plan to parliament on Thursday. Alongside this, it will announce a multi-billion-pound energy partnership with the Crown Estate.
The legislation will create a publicly owned entity called Great British Energy. Prime minister Keir Starmer aims for this body to fund renewable energy projects as the UK transitions away from fossil fuels.
The government has allocated PS8.3 billion of public money over the next five years to reduce energy prices by cutting reliance on foreign oil and gas imports.
The new body will also aim to attract private investment. The government has announced a partnership with the Crown Estate to leverage private investment of PS60 billion.
The Crown Estate, the royal family's land and property holdings, is an independently run business. Its profits go to the government, which allocates a portion to the monarchy for official duties.
The Crown Estate's portfolio includes commercial and retail properties in central London, rural and coastal land across the country, and waters around England and Wales. This makes it one of Europe's largest property empires, with significant potential for developing offshore wind power Read More.....