The Great British Energy Act sets out the statutory basis for the creation and functioning of Great British Energy (GBE). Key aspects include:
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Formation of GBE as a state-owned company with operational independence
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Powers to invest in, develop, and own energy generation infrastructure
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Obligations to promote environmental sustainability and deliver value for public money
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A requirement to publish annual reports to parliament on finances, strategy, and project progress
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Provisions for ministerial oversight and appointment of a board of directors
This act also outlines the powers necessary for GBE to enter partnerships with companies, councils, and global investors, subject to government approval.
Source: HMSO.