Wales announces publicly-owned renewable energy developer
The Minister for Climate Change, Julie James, has announced a state-owned energy developer in response to rising energy insecurity, the cost-of-living crisis, and the increasing threats posed by climate and nature emergencies.
The Minister said energy profits created in Wales will deliver greater benefit for people in Wales.
Surplus funds generated through the new developer will go back into the public purse to be reinvested in improving energy efficiency in homes in Wales and creating good quality, home grown, clean energy jobs.
The Minister said:
“We want to harvest our wind and use it to produce power that directly benefits people in Wales.
“We will set up a publicly-owned renewable energy developer. This is a long-term sustainable investment that puts net zero and the communities of Wales at the heart of the transition we need.
“We are in a climate emergency and our approach is in stark contrast to the UK Government that is focusing on fracking and fossil fuels – opposed by most communities and incompatible with our international obligations.”
With soaring living costs and an ongoing lack of certainty around energy supply, the Minister said the current UK market was “bad for bill payers”.
The focus of Wales’ energy policy is securing a reliable and diverse energy mix that delivers local benefit.
Minister for Climate Change Julie James added:
“This is an historic moment for Wales. The cost-of-living crisis is directly related to the major increase in the cost of energy, which strengthens the need for an approach that returns more to the people of Wales.
“If other countries are anything to go by, then we should expect considerable returns from our investment and – as we share the ambitions of these other nations – we have a genuine opportunity to produce an income that will really help us to deliver here.
“We are taking positive action to ensure we deliver on our net zero commitments in ways that benefit our communities.”