Great British Energy (GBE) is the UK government’s vehicle to deliver energy security and economic resilience. However, it needs to close the gap between its ambition and its current delivery capabilities, according to a briefing from E3G1. This publicly owned company aims to accelerate the deployment of clean energy technologies across the nation, ensuring UK taxpayers, billpayers, communities, and the energy workforce benefit from a secure, clean energy system.
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Its purpose and origin
GBE was established as the UK government's vehicle to deliver energy security and economic resilience. Its strategy aims to tackle challenges related to local and community energy, supply chains, and energy generation.
The goal of energy security and economic resilience
GBE's core mission is to accelerate clean energy deployment and the industries that support it, ensuring UK workers and communities reap the benefits of secure, home-grown energy. This includes lowering energy bills, increasing energy security by reducing reliance on imported fossil fuels, and creating new jobs across the UK through local energy generation. The initiative is part of a broader movement to reframe the energy transition as a significant economic opportunity, driving wealth and value.
The cost of energy price volatility
The formation of GBE is underpinned by a stark economic reality: higher energy prices following Russia’s invasion of Ukraine cost the UK economy an estimated £183 billion over four years. This substantial financial burden underscores the critical need for the UK to reduce its exposure to volatile fossil fuel markets.
Reducing reliance on fossil fuels
Reducing fossil fuel exposure is not merely a climate imperative but an economic one, especially with weak fiscal headroom in the UK. Lasting prosperity depends on cheaper, home-grown power, stronger regional economies, and greater resilience to future crises. A rapid transition to a clean electricity system is essential to protect the economy and permanently lower bills, as reducing reliance on fossil fuels is crucial for households and national finances.
Current funding and priorities
GBE's strategy aims to tackle energy challenges head-on, with stated priorities including local and community energy, supply chains, and energy generation. However, its current budget - almost one-third of which is already earmarked for nuclear power - is not sufficient for it to drive meaningful change across this full range of priorities.
The challenge of ambition versus resources
Despite its broad ambitions, GBE's current budget is deemed insufficient to drive meaningful change across its full range of priorities. This creates a "delivery gap" between GBE's stated goals and its current capacity to achieve them.
Strategic choices for great British energy
To close this delivery gap, GBE faces a critical choice: either seek additional funding or narrow its focus to a smaller set of immediate priorities. To achieve visible economic impact by 2028, GBE is advised to strategically use its limited budget. This includes unlocking a new wave of community and local energy investment by removing barriers and crowding in private finance, and partnering with the National Wealth Fund to support local and mayoral authorities in their decarbonisation journeys.
Investing in clean energy supply chains
One recommended path for GBE is to strategically scale finance for clean energy supply chains. This approach aims to reindustrialise Britain's regions, creating good jobs and fostering a more secure energy system.
The role of community energy projects
Another key area of focus for GBE is unlocking a new wave of community and local energy investment. This involves removing barriers to community energy and attracting private finance. Supporting community energy projects is seen as crucial for reducing energy bills for communities, building strong supply chains, and generating local jobs.
Fuse Energy positions itself as a proactive force in the private sector, contributing to and accelerating the very goals GBE aims to achieve: energy security, economic resilience, and abundant, clean energy. Fuse's commitment to delivering terawatt-hours of the cheapest, cleanest energy possible directly supports the national imperative for reducing fossil fuel exposure and building a future with ample power.
Building abundant, clean energy infrastructure
Fuse Energy's approach involves vertically integrating and rebuilding the energy system from scratch. Fuse aims to deploy terawatts of solar and storage, working to increase the availability of clean power. This directly aligns with the objective of accelerating clean energy deployment and strengthening the UK's energy independence.
Empowering consumers with "power to play with"
Fuse's vision is a future where energy is so abundant it stops being a concern, a future with "power to play with." This aligns with GBE's aim to reduce energy price anxiety and foster economic resilience across the UK. Fuse aims to provide transparent pricing and in-app usage data, and currently offers 24/7 human customer support, empowering consumers to manage their energy effectively and contribute to a more stable and secure energy landscape.
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References
- E3G. Great British Energy: Delivering security, prosperity and economic renewal
