Great British Energy could save consumers £35bn by 2050
Will energy bills fall by £300 with Great British Energy?
• Prime Minister reaffirms that the Great British Energy initiative aims to cut household energy bills by £300 annually, despite concerns about timing and feasibility.
• Starmer acknowledges that the benefits of clean energy projects will take time to materialise but stresses that the commitment is a core part of Labour’s agenda.
• During a visit to a wind turbine factory, Starmer emphasized that Labour’s energy plan is carefully costed and funded, aiming to deliver bill reductions within this Parliament.
• Conservative Shadow Energy Secretary Claire Coutinho criticizes the plan, arguing it funnels taxpayers' money into mitigating risks for energy corporations and could increase dependence on foreign supplies.
Energy bills set to rise: Government urged to act
• Energy bills are projected to rise by around 10% from October, with the price cap likely increasing from £1,568 to £1,723.06, and household debt levels are significantly rising.
• Energy UK proposes the government fund the Energy Company Obligation (ECO) and Great British Insulation Scheme (GBIS) with approximately £1.5 billion annually to lower energy costs.
• Recommendations include shifting remaining policy costs to gas bills to make low carbon technologies more affordable and doubling the Warm Home Discount for vulnerable households in winter 2024.
• A cross-departmental working group, led by a Director General, should be established to focus on data access and develop long-term strategies for targeted bill support from winter 2025.