The proposed Welsh public energy company would not replace existing energy suppliers or directly set household electricity prices, according to a consultation document.
Instead, the company aims to help Wales reduce energy costs in the long term by developing and owning renewable energy projects. It also plans to support local and community ownership while investing in smart district energy systems.
The organisation also wants to make it easier for businesses and other organisations to use locally generated energy, while attracting investment into Wales’ energy infrastructure.
The new company would operate separately from Great British Energy, which was established by the UK government in 2024.
Ynni Cymru (TGC) is currently working on several projects on Welsh Government-owned land, including proposed wind farms at Carreg Wen near Aberdare and Glyn Coty in Carmarthenshire.
The consultation is seeking views on whether TGC should form the foundation of the new Welsh energy company and whether it should retain its existing name or adopt a new identity. Find out more about Ynni Cymru, external.
The company has also indicated that it could invest in larger energy projects, potentially including offshore wind, marine energy and nuclear power.
The consultation is also examining plans for a Wales Energy Wealth Fund. The fund would help ensure that energy projects benefit vulnerable people across Wales and communities where the projects are developed.
Speaking to BBC Radio Wales Breakfast, Mr Price said: “Our vision for the future of Wales’ energy system is one that is clean, cheap and owned by us.”
He said the initiative would bring together several organisations and projects to create “a single company with the breadth of expertise and the essential amount of resources and knowledge to make real change”.
Mr Price said Wales had been a “coal-based energy powerhouse during the industrial revolution”, but that local communities had not benefited sufficiently from the wealth generated.
He added: “We don’t want to make the same mistake given the huge potential Wales has in this new energy revolution with renewable energy.”
The minister acknowledged that many key energy decisions are made at UK level. However, he said publicly owned energy companies could help deliver lower energy prices through agreements with major local energy users.
Source: www.bbc.co.uk