Tank Storage Association: Changing The Energy Landscape

Tank Storage Association’s Peter Davidson explains the impacts of The Great British Energy Bill and The National Wealth Fund Bill on the UK energy industry The Labour Party has won a majority in Parliament following the UK General Election on 4 July 2024. The King’s Speech, opening the first session of the new parliament and setting out the government’s priorities and legislative agenda for the months ahead, was held on 17 July 2024. In total, 40 bills were announced by the new government. Among these was the Great British Energy bill, introduced in the House of Commons on 25 July. The bill aims to support the creation of the new publicly- owned company, Great British Energy, by setting out its objectives and ensuring it has access to necessary finances. Great British Energy will ‘own, manage and operate clean power project’ through partnerships with the private sector and will have a capitalisation of £8.3 billion (€9.8 billion) over the course of this parliament. Supporting The Energy Transition In addition, the new Chancellor of the Exchequer, Rachel Reeves, has announced the launch of a £7.3 billion (€8.6 billion) National Wealth Fund (NWF) for the UK. The...