New Great British Grid aims to reduce energy costs
A new publicly owned body named “Great British Grid” is to be created by Prime Minister Andy Burnham in a bid to reduce UK energy costs to match European levels within a decade, reports BritPanorama.
Speaking at the Labour Party conference on Tuesday, he announced the creation of GB Grid under the Great British Energy umbrella, marking the first state-owned entity in electricity networks since privatisation under Margaret Thatcher.
The initiative will offer “more public control” to assist in reforming the “broken energy market,” he stated.
Mr Burnham mentioned that the project aims to enhance competition and accelerate grid connection times for businesses, following complaints that delays have hampered investment.
The Prime Minister said, “We have a cost crisis. We all know it. The price of energy is crippling for businesses, and British billpayers pay some of the highest energy costs in Europe.”
“We have an energy system where prices are dictated in markets miles away, while families and businesses here shoulder the costs. Once again, the British public has lost control.”
He continued, “Within 10 years, I want our energy costs to be in line with other nations in Europe. That means we must reform a broken energy market so it serves the public interest.”
Mr Burnham also intends to push for a speedier rollout of renewables alongside boosted network infrastructure.
Under Labour’s plans, businesses will gain rights to “self-build” connection infrastructure, with GB Grid providing co-investment options to eliminate the requirement to wait for network operators.
GB Grid will operate alongside private sector firms and network companies.
“It will increase competition to drive down costs and speed up delivery so businesses can connect faster and grow quicker. This is what more public control can do,” Mr Burnham is set to say.
Energy Secretary Miatta Fahnbulleh described the decision as “another step towards mending the decades of Tory policies which ripped out public control from our energy systems.”
“Because the only way to bring down bills for good for homes and businesses is through clean power we can control,” she said.
This initiative reflects ongoing debates within the UK regarding energy independence and affordability, as the government seeks to navigate complex market dynamics while addressing public concerns over energy costs.
