How the new GB Energy scheme could affect your bills, according to experts

Labour has pledged to fund green electricity projects and hopefully, cut bills, through the party's national energy firm Great British Energy

The party says the local power plan could produce around 8GW of power by 2030 – equivalent to around 12 per cent of the UK’s projected peak energy demand.has claimed its energy plans will mean typical household energy bills will be slashed for good, helping families save £300 per year. According to Ember, the costings don’t take into account the broader investment needed to decarbonise the grid, estimated at nearly £3trn, and which could ultimately be paid for through taxes or bills in coming decades.

He continued: “We are pleased to see that Labour plan to fund a clean energy future by taxing the oil and gas giants.”It’s a popular idea with the public too as a YouGov poll in February suggested that 66 per cent of people support a national energy company, while windfall taxes regularly poll approval ratings above 90 per cent.He said: “GBE is not going to be an energy company, as many appear to believe.

The extra supply could bring down prices “in theory” and “achieve lower bills for all” according to Mr Jordan, but the risk is that the projects themselves are “expensive” and make future projects unattractive to investors, he said.: “We’ve been promised lower bills since I can remember, yet the cost of energy for UK consumers has only been moving in one direction.

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