UK’s state-owned energy company to focus on offshore wind power

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Ministers claim group’s partnership with Crown Estate will help leverage up to £60bn of private investment

The UK’s fledgling state-owned energy company will work with the Crown Estate to support the development of offshore wind and other clean technology projects, which ministers claim will help leverage up to £60bn of private investment. GB Energy, due to be set up in coming months under new legislation, will take steps to get projects off the ground, including by potentially taking a small stake to reduce private investors’ risk.

Labour plans to cut carbon emissions from electricity generation to net zero by 2030, a stretching target that experts say will require radical changes to how energy projects are built. Energy secretary Ed Miliband has sought to move quickly since the election, scrapping the ban on onshore wind in England and unblocking the production of cheap solar energy by approving three huge solar farms in the east of England. The Crown Estate, which has a £15.

 

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