Why Labour Pinned Its Hopes on State-Run GB Energy
Ed Miliband, left, and Keir Starmer at a gas terminal in Peterhead, Scotland.
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Keir Starmer’s promise to create jobs and grow the UK economy hinges in part on the government’s new GB Energy company, which it is pitching as a “national champion” to own, manage and operate clean power projects and generate profits for the benefit of taxpayers and bill payers.
In the election campaign, Labour said little about how GB Energy would work beyond presenting it as a panacea for high energy bills and over-reliance on imported fossil fuels. But now the government is fleshing out details, and triggering questions about whether GB Energy should be viewed by the industry as a market-maker for renewable energy — or as a competitor.