Great British Energy has taken a step forward with its Bill being passed, unlocking £8.3bn of funding over the course of this Parliament, and the expectation to deliver strategic energy projects and invest alongside the private sector to enable new technologies such as floating offshore wind.

The Great British Energy Bill received legislative consent from all three devolved governments, the first Bill to under this parliament.

Energy Secretary Ed Miliband said: “Great British Energy comes from a simple idea: British people should own and benefit from our own natural resources. We are giving people a stake in clean energy and delivering profits for the British people. As part of our Plan for Change, this will make us a clean energy superpower and help bring down energy bills for good.

The Energy Secretary will shortly outline Great British Energy’s strategic priorities, including which technologies the Government expects the company to focus on and how it should consider the public benefits from investment decisions.

Commenting on the news, Jess Ralston, analyst at the Energy & Climate Intelligence Unit (ECIU), said: "Once operational, GB Energy should boost our energy independence by acting as a catalyst for private investment in the UK’s low-carbon energy sector and by bolstering investor confidence in the seriousness of the UK government’s commitment to achieving a low-carbon energy system by 2030.”

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