Overview

The Great British Energy Bill establishes a new, wholly government-owned company called Great British Energy (GBE). This company will focus on clean energy production, distribution, and energy security, aiming to reduce reliance on fossil fuels and promote sustainable energy sources.

Description

The Bill empowers the Secretary of State to designate a company as GBE, provided it's limited by shares and wholly owned by the Crown. GBE will be exempt from certain Companies Act 2006 naming requirements. Importantly, GBE will not be considered a servant or agent of the Crown and will not enjoy Crown privileges. Its articles of association must state its objectives: facilitating the production, distribution, storage, and supply of clean energy; reducing greenhouse gas emissions from fossil fuels; improving energy efficiency; and ensuring energy supply security.

The Secretary of State can provide financial assistance to GBE in various forms (grants, loans, guarantees, etc.) and will set strategic priorities and plans for the company, consulting with devolved administrations where necessary. The Secretary of State can also issue directions to GBE, which the company must follow. GBE must submit annual accounts and reports to the Secretary of State, who will then present them to Parliament.

Government Spending

The bill allows for unspecified government financial assistance to GBE. The exact amount of spending is not detailed in the provided text. Funding could take various forms, including grants, loans, or investments.

Groups Affected

Groups potentially affected include:

• The UK Government: Responsible for establishing, funding, and overseeing GBE's operations.
• Great British Energy (GBE): The newly created company, its operations, and employees are directly impacted.
• Existing energy companies: May face increased competition from GBE.
• Devolved administrations (Scotland, Wales, Northern Ireland): Consulted on matters within their legislative competence.
• Energy consumers: Potentially affected by GBE's activities, potentially through lower prices or alternative energy supply options.
• Investors in the energy sector: Could face altered market conditions due to GBE's actions.

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