GB Energy, a UK government-backed energy company, will have its headquarters in Aberdeen, according to sources. The company, which will not supply power to homes, is planned to fund both new and existing clean technology and small and medium-sized renewable energy projects, including floating offshore windfarms, hydrogen and carbon capture and energy storage. Smaller satellite offices are also expected to be located in other parts of Scotland. It was a key election pledge for the Labour party, which promised that the initiative would bring skilled jobs to the country. The company’s exact location was not specified in the King’s Speech delivered by Prime Minister Sir Keir Starmer’s government.
Aberdeen is already home to swathes of the UK’s oil and gas and offshore wind industries. GB Energy is planned to generate power in its own right, but would not be a retailer, clarifies the Labour party. The company would be funded through an extended windfall tax on oil and gas firms, predicted to raise around £8.3bn over the next five years. The party has previously stated that it would not issue new oil and gas licences but also clarified that it would not overturn existing permits.
The Scottish government had previously promised to establish a publicly-owned, non-profit company to sell gas and electricity, but this initiative was later cancelled. While First Minister John Swinney has criticised the plan and called it a “bodyblow” to the Scottish economy, his deputy Kate Forbes has said the government would “work constructively” when it had more details on how it would operate. The Scottish Conservatives also voiced concerns over the impact the initiative might have on jobs, accusing Labour of “wanting to turn off the North Sea”
Underscoring Labour’s environmental focus, GB Energy invests in a range of renewable energy technologies, including wind, solar, and an array of newer technologies, to help the country transition away from fossil fuels. Sir Keir Starmer is expected to officially announce the official home of GB Energy in the coming weeks
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