The Welsh government is seeking public input on a proposal to create a new public energy company aimed at developing renewable energy assets and reducing long-term energy costs for the region. The company, tentatively named Ynni Cymru, would not directly set household electricity prices or replace existing suppliers, but would focus on owning renewable energy assets, supporting local and community ownership, and investing in smart local energy systems.
The initiative is part of a broader vision to ensure that Wales benefits from its significant renewable energy potential, drawing a parallel to the nation's historical role in the Industrial Revolution with coal. "Our vision for the future of the energy system in Wales is one in which it's clean, it's cheap and it's owned by us," stated Adam Price, who is involved in the project. He emphasized the goal of avoiding the past mistake where benefits from energy resources did not accrue to the Welsh people.
The proposed company would work on various projects, including wind farms at Carreg Wen near Aberdare and Glyn Cothi in Carmarthenshire, on land owned by the Welsh government. The consultation is exploring whether the existing company, TGC, should form the basis of this new entity and what its final name should be.
Additionally, the plans suggest the company could invest in larger-scale renewable projects, potentially including offshore wind, marine energy, and even nuclear power. The consultation also addresses the establishment of a Welsh Energy Wealth Fund, designed to direct benefits from energy projects towards vulnerable populations and communities where projects are located.
While many energy policy levers are controlled at the UK level, the Welsh government believes that a publicly owned energy company could facilitate lower energy prices through agreements with large local energy users. The initiative aims to bring together expertise and resources to make a significant impact on Wales's energy future.