GB Energy has been branded a "money-pit" and accused of "draining taxpayers' cash" after recording a loss in its first year.
The accounts, which run up to March 31 of this year, reveal that GB Energy reported a £14.1 million loss – largely due to staffing and set-up costs – and recorded just £62,000 in income, with £3.8m also spent on consultancy fees.
The accounts also reveal GB Energy had only directly invested in one project – a total of £5.8m into Pentland Floating Offshore Wind Farm – although two further investments in ITM Power and Naked Energy were made after the account's reporting period.
Meanwhile, it has also emerged that a solar scheme which was touted as GB Energy's "first major project" was actually overseen by the UK Government's Department for Energy Security and Net Zero (DESNZ).
At the time the accounts were filed, GB Energy had no direct employees – but this is no longer the case, with The National revealing the company hired 141 staff as of September 10, with just 60 of those employed on a permanent basis.
CEO McGrail was paid between £385k and £390k, which includes a performance bonus of between £85k and £90k.
GB Energy insists it is still in the initial stages of setting up, arguing the accounts reflect a company which has been built from scratch.
The company was officially established after the GB Energy Bill received royal assent in May last year.
Since being announced, GB Energy has been dogged by chaos over a number of key pledges Labour made during the 2024 General Election campaign, including that it would deliver 1000 jobs in its Aberdeen HQ, and that it would cut energy bills by £300.
The company officially opened its Aberdeen headquarters earlier this week, and on Wednesday, GB Energy CEO Dan McGrail said the firm is hiring "about two people a week" with the ambition of employing 300 people by the middle of next year.
Scottish Greens MSP Maggie Chapman told The National that the accounts are “further evidence that GB Energy is moving further away from its intended purpose".
She said: “Labour had an opportunity to create a publicly owned energy company that could help reduce household bills and catalyse the transition to a cleaner, greener economy that works for workers, our communities and our planet.
“Instead, it is spending millions on consultants and draining taxpayer cash while doing absolutely nothing to tackle the climate crisis or secure jobs for workers in the North East.
“We will always welcome new investment in renewables, but for its first year, it doesn’t appear as if GB Energy has been anything more than a money-pit.”
A GB Energy spokesperson said: "Great British Energy has moved quickly from foundation to delivery, building an enduring energy company that gives people ownership of our energy system. Central to that has been building our team, ensuring we have the expertise and capabilities to deliver on our ambitions.
“We are backing clean power projects, investing in British supply chains, and helping to put money back into public services across the country which will deliver a more secure, independent energy system that is fit for the future.”
