Keir Starmer announces plans for publicly-owned renewable energy company

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In his keynote address to the Labour Party conference, His Majesty's Leader of the Opposition Sir Keir Starmer announced plans to create a publicly-owned renewable energy company if Labour wins the next General Election.
"Great British Energy" would adopt a similar model to France's EDF, and would intend to ensure a vast expansion in clean energy - delivering jobs in Britain and enhanced energy security.
Great British Energy would be set up with public money but would be independently operated and any profits would be reinvested, Labour sources told the BBC.
It would be able to build new wind, wave and solar projects - but also invest in privately-owned renewable schemes.
It would start out as a small scale generator, and build up market share as it invests in new projects, the party said. Labour sources say they see no reason why the company could not eventually grow to establish itself as "a significant, credible generator in a competitive market".
"Labour will make sure that the public money we spend building-up British industry, spurs on private investment, stimulates growth … and the British people enjoy the returns," Starmer said in his conference speech.
"Labour won't make the mistake the Tories made with North Sea oil and gas back in the 1980s. Where they frittered away the wealth from our national resources."
The largest onshore wind farm in Wales is owned by Sweden, meaning "energy bills in Swansea are paying for schools and hospitals in Stockholm," he added.
"The Chinese Communist Party has a stake in our nuclear industry. And five million people in Britain pay their bills to an energy company owned by France."
The start-up money for the company would come from a new Sovereign Wealth Fund announced by Shadow Chancellor Rachel Reeves on Monday.
"The road to net-zero is no longer one of stern, austere, self-denial," he said in his speech.
"It's at the heart of modern, 21st-century aspiration. Technology has turned everything on its head. Green and growth don't just go together - they're inseparable.
"The future wealth of this country is in our air, in our seas, and in our skies. Britain should harness that wealth and share it with all."

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