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The bill would:

  • Designate Great British Energy as a limited company with the secretary of state for energy security and net zero as its only shareholder.
  • Establish the company’s remit. This includes (but is not limited to) supporting and participating in clean energy and helping to reduce the UK’s greenhouse gas emissions.
  • Enable the secretary of state to provide the company with financial assistance.
  • Require the secretary of state to publish a statement of the company’s strategic priorities and to publish the company’s annual report and accounts.

Opposition parties have criticised some aspects of the bill, arguing that it does not provide sufficient independent oversight about how this new company would operate. Similarly, criticism has been levelled at the government for not explaining sufficiently how the new company would help to reduce household energy costs or create new jobs.

The bill passed its Commons stages unamended. Second reading in the House of Lords is scheduled to take place on 18 November 2024.

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