At a Labour conference this month, Keir Starmer announced his plans for a nationalised energy company, should labour win the next general election. It was announced that the party would set up the company called “Great British Energy”. The party have said this would be done as it takes advantage of clean British power and would allow for growth and decarbonisation across the UK, whilst reducing the need for energy imports.
Starmer also went on to explain how a lot of the UK’s energy assets and investments comes from companies outside the UK. For example, a lot of investments in Sizewell C come from China. Labour wants to ensure that the UK have more of a say in UK energy investments.
The party have not made it clear whether the company would cover the whole market or work alongside other energy companies. The second option is most likely as this will allow other energy companies to still invest in renewable energy projects.
A publicly owned energy company could help with rising energy costs; however, the public would want to know exactly how this would help their energy bills. As of now, not much detail has been put into the idea. However, labour is confident that this would be the best option for Britain’s current energy state.
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