GB Energy chairman Juergen Maier has revealed long-term plans for the publicly-owned energy company to follow in the footsteps of Denmark’s renewable energy giant, Ørsted.
Speaking to the Guardian, Maier said he aimed to expand the group’s remit from being an investment vehicle for energy projects to a full-fledged operator like Ørsted, now the world’s largest offshore wind developer, and Sweden’s Vattenfall.
“Great Britain deserves a national champion, like an Ørsted,” Maier said.
He envisions the company becoming a major power generator as it runs its own wind farms, tidal power projects and carbon capture schemes.
GB Energy would also gain the power to borrow money, helping to put it on equal footing with other multinational companies.
Previous comments from government figures have painted GB Energy as an investment vehicle that will take stakes in energy projects across the UK, with an initial focus on floating wind, along with offshore wind, hydrogen and nuclear.
The body is set to receive £8.3billion over the next five years of funding to help drive its investment programme.
Maier’s comments suggest a long-term plan to expand its remit.
He said the group is seeking to invest and enter “some of the less mature markets and then ultimately we would become a longer-term operator in some of those areas, such as floating offshore wind, etc”.
He added: “We now have five years to build this company to co-invest. We will no doubt own some energy assets in that time.
“But ultimately, if you take the next five years beyond that, of course we want to become a larger energy company. There is a long-term vision, and there’s a pragmatic step-by-step approach of getting there.”
UK Ørsted
Ørsted (XCSE: ORSTED), which is majority-owned by the state of Denmark, was hailed by Prime Minister Kier Starmer as one of the most significant foreign investors in the UK’s clean energy system.
The UK government recently confirmed the company is set to make an £8bn investment in the country once it takes a final investment decision on its Hornsea 4 offshore wind project, expected in the next 18 months.
The project received a contract for difference in the recent Allocation Round 6 in September, covering 2.4GW of capacity at £58.87 per MWh.
Maier’s comments come as he visited Aberdeen alongside UK energy secretary Ed Miliband to promote the role GB Energy can have in supporting Scotland’s energy sector.
© DC ThomsonMiliband will focus on forging partnerships between GB Energy and other groups, such as Crown Estate Scotland, enterprise agencies and the Scottish National Investment Bank (Snib).
The UK government previously confirmed Aberdeen will host the headquarters of GB Energy.
Maier fronted the UK arm of Siemens Energy until 2019 after a six-year stint as its chief executive. He has also worked as the Department for Business, Energy and Industrial Strategy and has been chair of Digital Catapult for over five years.
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