UK Office of Gas and Electricity Markets (Ofgem) reports

Labour Announces Great British Energy in Scotland; Critics Warn of 100,000 Job Risks

Jun 7, 2024, 07:24 PM

The Labour Party has announced plans to establish Great British Energy, a publicly-owned clean power company, aimed at reducing energy bills and providing energy security. Headquartered in Scotland, the initiative comes in response to rising energy costs, with the typical household's energy bill increasing by nearly £500 since 2019. Labour claims that the new company will deliver lower bills, clean power, and hundreds of thousands of jobs. However, critics, including MP Mark Jenkinson, argue that GB Energy will not produce any electricity and could jeopardize 100,000 jobs. Penny Mordaunt has also criticized the plan, suggesting that GB Energy stands for 'Giant Bills.' The success of Labour's broader goal to decarbonize the power grid by 2030 will depend on overcoming planning obstacles.