GB Energy to be headquartered in Aberdeen

Published On Sep 3, 2024, 9:30 AM

The UK government plans to establish a new public energy company called GB Energy, headquartered in Aberdeen. This company will not supply energy to homes but will invest in renewable energy technologies such as wind and solar power, hydrogen, carbon capture, and energy storage. The initiative is part of Labour's election promises and is expected to create numerous skilled jobs. Funding will come from an extended windfall tax on oil and gas companies, projected to raise about £8.3 billion over five years. There are concerns about the impact on jobs in the existing energy sector and how GB Energy will operate, particularly in ensuring local communities benefit from the country's resources.