Labour’s energy plan doesn’t add up

So, we have a little more flesh on the bones of Labour’s energy policy, with the party giving more details of Great British Energy, the state-owned company it wants to set up to invest in wind and solar energy. But there are still gaping holes in Labour’s promise to decarbonise the electricity grid by 2030 – and save consumers money in the process.

First to note is that Labour seems drastically to have toned down the claims as to how much its energy policies will supposedly save consumers. Until today it was claiming that it would save us ‘up to £1,400’ a year. Given that under Ofgem’s price cap the average household is currently paying £1,690 a year on a dual gas and electricity bill, and that this is due to fall to £1,568 in July, this did seem a little unlikely – it was based on the very high energy prices of the winter 2022/23.