King's Speech: GB Energy plans revealed but no confirmed location
The newly-elected UK Government's intentions were set out in the King's Speech, with the announcement of a Great British Energy Bill.
Labour's plans for GB Energy have been confirmed - but no Scottish location has been announced.
The newly-elected government's intentions were set out in the King's Speech, with the announcement of a Great British Energy Bill aimed at creating a "clean energy transition" which will bring down prices for consumers.
King Charles' speech explained the legislation would set up a "publicly owned clean power company headquartered in Scotland, which will help accelerate investment in renewable energy such as offshore wind".
Documents supporting the monarch's speech stated GB Energy would be capitalised with £8.3 billion in new money in the current session of Parliament.
Whilst it's been known for some time GB Energy's headquarters has been earmarked for Scotland, the exact location is not expected to be revealed until later in the process.
In response to the news, Aberdeen and Grampian Chamber of Commerce (AGCC) said the scale of ambition set out today is 'hugely exciting'.
Russell Borthwick, chief executive at AGCC said: “This is welcome further detail around the role which the UK Government sees Great British Energy playing in delivering the energy transition.
“The scale of the ambition set out today is hugely exciting, and the intention to develop, operate and own assets alongside the private sector is going to help unlock the investment we need to become a global clean energy superpower.
“Encouragingly, the Bill also refers to supporting the further reduction of emissions from our oil and gas sector, rather than seeking to accelerate its decline.
"This is important but must now be matched with a fiscal regime which supports continuing investment and production from the North Sea for as long as we need it.”
More than 850 business leaders in Aberdeen and Aberdeenshire have signed an open letter to the UK Government calling on the new firm to be located in Aberdeen.
During the King's speech, AGCC deployed its advertising van around Westminster with a tongue-in-cheek message.
Mr Borthwick continued: "We want to drive home the message that Great British Energy should be located in Aberdeen, the home of the UK’s energy sector, its world class eco-system and supply chain.
“To achieve the ambition set-out today, this new state-owned company must be co-created with the energy sector– and that industry is largely based here in the North-east of Scotland.
“If we can only bring one thing home this summer, let it be Great British Energy…to Aberdeen.”
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