The Welsh Government has formed a new state-owned energy developer to create more renewable energy projects in Wales. The plans were announced on Tuesday, October 25, and the Welsh Government hopes it could help to combat energy insecurity, the cost of living crisis and the climate and nature emergencies.
Speaking in the Senedd, the Minister for Climate Change, Julie James, said creating energy profits in Wales would deliver a bigger benefit for people in Wales, as surplus funds generated by the new developer would be reinvested in energy efficient homes and energy jobs in Wales.
The Welsh Government aims for more than one gigawatt of energy generation to be locally-owned by 2030. The new developer is expected to speed this up, initially by developing onshore wind projects on the Welsh Government woodland estate.
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Ms James 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."
Some of the existing renewable energy projects in Wales, and in the wider UK, were developed by other countries' state-owned developers, which means the profits leave the UK and go to the countries that own the developers. The minister said the current market, which is highly reliant on the uncertain energy prices worldwide, was "bad for bill payers".
She 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."
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