December 2024
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This conference assessed plans for the establishment of a state-owned renewable energy company and the way forward for promoting investment in renewable energy in the UK.
Taking place with the Great British Energy Bill currently progressing through Parliament and the Government committing funding in the Budget to establish Great British Energy, stakeholders and policymakers examined the role and objectives of the new body. Delegates discussed what its priorities should be in the scaling up of renewable energy generation in order to achieve the Government’s target of making Britain a clean energy superpower by 2030, as the new publicly owned National Energy System Operator publishes their advice to government on meeting this target, and with the PM announcing a new 81% reduction target in UK emissions by 2035 at COP29.
Delegates considered the positioning and working relationships with government, regulators and stakeholders of a state-owned energy company, and how it should approach the efficient use and decarbonisation of the grid and support domestic supply chains as the UK looks to become energy independent.
Delegates assessed how Great British Energy should work with the private sector to support and accelerate the delivery of clean energy infrastructure and how it can work to effectively stimulate critical public-private sector partnerships and co-investment.
Sessions also considered priorities for collaboration and coordination on supporting new technologies such as floating offshore wind, tidal and hydrogen. The conference was also an opportunity to examine next steps for scaling up and accelerating the rollout of mature technologies, such as wind, solar and nuclear, as well as derisking and attracting private sector investment in these areas.
Further discussion assessed strategies for Great British Energy to deliver wider public benefits to consumers and local communities, including work with other public sector institutions such as the Crown Estate and National Wealth Fund. Delegates considered how the Local Power Plan aims to support local power projects by extending and strengthening shared ownership models. We also expected discussion on priorities for ensuring that schemes contribute to wider policy aims, including the expected timescale for reducing energy bills, job creation and driving regional growth.
We are pleased to have been able to include keynote sessions with: George Howes, Deputy Director, Great British Energy Policy, DESNZ; Adam Berman, Director, Policy and Advocacy, Energy UK; James Cotter, Vice-President, Renewables, Equinor; Prof Michael Grubb, Professor, Energy and Climate Change and Director, UCL Centre for Net Zero Market Design, University College London; and Prof David Newbery, Director, Energy Policy Research Group, University of Cambridge.
Overall, areas for discussion included:
- role and priorities for Great British Energy:
- next steps for implementation - ownership, management and operation of energy generation projects
- scaling up renewable energy to achieve clean energy targets and timescales - grid decarbonisation - assessing the 2030 target for achieving clean energy
- securing consumer benefits and impact on energy prices
- impact of proposed siting on regional economy, skills development and jobs in Scotland
- investment and private sector collaboration:
- strategies for increasing private sector investment in projects - frameworks for co-investment and co-delivery of projects
- utilising public sector investment to accelerate the development of established technologies - identifying opportunities to support wider implementation
- frameworks for working with energy companies - moving forward with clean energy projects - co-funded new technologies - increasing uptake of mature technologies
- the Local Power Plan and local partnerships:
- priorities and strategic approaches to scaling up and accelerating municipal and community energy
- assessing funding options for local authorities
- securing local benefits of projects - shared ownership - profit reinvestment - using revenue generated by assets in local economies
- international best practice:
- learning from examples of energy champions and state-owned energy companies
All delegates were able to contribute, alongside key policy officials, to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those that attended include parliamentary pass-holders from the House of Commons and officials from DESNZ; Defra; DSIT; DfT; DAERA, NI; HMRC; HM Treasury; DfE, NI; CCC; EA; Ofwat; MMO; CMA; NAO; ONS; DBT; HSE; GB Nuclear; DEEC, ROI; DfC, NI; MHCLG; UKIB; FCDO; CCS; Geospatial Commission; The Scottish Government; and the Welsh Government.
