Great British Energy Bill

Debate between Grahame Morris and Ed Miliband

2nd reading
Thursday 5th September 2024 Commons Chamber

[Ed Miliband]

I am going to make some more progress.

Let me go through what Great British Energy will do. First, it will invest in and own clean energy projects, particularly leading-edge technologies such as floating offshore wind, by working with the private sector and taking stakes in the projects it supports. The truth is that we need to accelerate the deployment of wind, solar, tidal, hydrogen, carbon capture and nuclear, and we need to face the reality that frontier technologies carry risk. That is why there is a particular role for the Government in helping to de-risk projects by investing in them in partnership with the private sector, and in doing so capturing value for Britain.

GB Energy will invest across a range of clean energy technologies, using its £8.3 billion capitalisation. The chair has been appointed by the Government, but the company will be able to move at pace with operational independence. I am delighted that Jürgen Maier, who has a great record of achievement and is a champion of UK manufacturing and good jobs, has been appointed as start-up chair.

[Grahame Morris (Easington) (Lab)]

I completely agree with the basis of my right hon. Friend’s argument for ending the offshoring of jobs, energy assets and employment opportunities. Almost all solar panels are currently sourced from China. Power Roll, a company in my constituency, has developed a lightweight, flexible and cost-effective solar module and is eager to establish its first gigafactory. Does he agree that, to secure our energy future, Great British Energy should be supporting and investing in innovative start-ups such as Power Roll in east Durham?

[Ed Miliband]

My hon. Friend is a brilliant champion of his constituency and these issues, and he is absolutely right that part of the challenge we face is to expand our supply chains in Britain. I am very interested in the example he gives.