Labour is to put a government-owned power company at the heart of the UK’s energy system for the first time since the privatisation of the industry in 1990, in one of Keir Starmer’s boldest pledges so far.
Great British Energy, with £8bn of investment, forms the centrepiece of Labour’s promise to decarbonise the electricity supply by 2030. This would stop well short of any form of renationalisation: GB Energy would be a state-owned investment vehicle and company working alongside and often in partnership with the existing private sector suppliers. The plan is for it to be largely invisible to households, not offering electricity directly to consumers but financing and helping to build low-carbon infrastructure, from windfarms to – potentially – nuclear reactors.
