The headquarters for a new UK Government-backed energy company will be in Aberdeen, according to reports.
Multiple sources have confirmed that Great British Energy will be based in Aberdeen, and that Prime Minister Sir Keir Starmer will travel north later this month to make the announcement.
The news follows a sustained campaign by Aberdeen & Grampian Chamber of Commerce, alongside public affairs and marketing agency True North and a range of regional partners.
It is also thought that the organisation may possibly have smaller satellite offices in other parts of Scotland - including Glasgow and Edinburgh.
A spokeswoman for the Department of Energy Security and Net Zero said no final decision had been made on where the headquarters would be located.
She added: "We do not comment on speculation. Decisions on Great British Energy's location will be announced in due course."
What is Great British Energy?
Great British Energy was one of Labour’s key election pledges and was always planned to be based in Scotland.
However, the exact location was not initially known and was not included in the King’s Speech, during which the Chamber deployed an advertising van to circle Westminster with the message 'It's Coming Home', urging the government to select Aberdeen.
Labour had previously promised the plan would bring “a huge number” of skilled jobs to the country.
According to its founding statement, Great British Energy it will own, manage and operate clean power projects alongside industry.
It will invest in wind and solar projects, as well as newer technologies including floating offshore windfarms, hydrogen and carbon capture and energy storage.
It’s bringing £8billion to co-invest with industry - but the biggest draw will be its convening power, pulling international clean energy companies and investors to Aberdeen.
'Work with industry'
Russell Borthwick, Chief Executive of Aberdeen & Grampian Chamber of Commerce, said: “Aberdeen has been Europe’s energy capital for half a century – home to energy companies large and small, a thousand supply chain firms, vast renewables potential off our shores and the highly-skilled workforce who will deliver the UK’s transition to net zero.
“Aberdeen and Grampian Chamber of Commerce has led calls for GB Energy to be headquartered here in the Granite City – which will be the epicentre of so much activity over the coming years as we move away from oil and gas to cleaner sources of energy.
“To deliver that shared mission – which must be done in partnership between government, industry, workers and the community at large – an Aberdeen HQ makes sense.
“While we await confirmation from the government, and further detail on the functions and focus of a new publicly-owned energy company, we will continue to campaign for a well-managed transition that protects jobs, delivers energy security in the here and now and guarantees a bright future for our energy industry for decades to come.”
Ensuring a just transition
Sir Ian Wood, Chairman of ETZ Ltd, said: “We certainly welcome reports that GB Energy is to be headquartered in Aberdeen. The case for locating the company in the North-east of Scotland is irresistible given it is home to the largest cluster of energy supply chain companies in the UK and in close proximity to a massive pipeline of renewable projects spanning offshore wind, green hydrogen and carbon capture and storage.
"Should this extremely positive opportunity be confirmed, it is essential that industry work closely with the UK Government to design GB Energy ensuring it fulfils its stated ambition as an investment vehicle that accelerates the country’s diversification to new and green energies.
"A key part of this process must be ensuring a managed and just transition that protects our existing oil and gas sector which harbours the skills, experience and company base that is so crucial to ensuring this region continues to contribute significantly to the UK’s energy security as well as being a key driver of the race to net zero.”