Great British Energy Bill (Second sitting)

Debate between Wera Hobhouse and Stephen Flynn

Committee stage
Tuesday 8th October 2024 Public Bill Committees

[Wera Hobhouse]

Q It is good to hear from you again, Andy—we had a discussion a few weeks ago. At the beginning of your remarks today you said, as others have said, that GB Energy should not just be an investment vehicle; it should be so much more. We have to deal with this Bill and see whether it will meet the ambitions of your members for GB Energy to be more than just an investment vehicle. Is there anywhere in the Bill where you think, “Hmm—there’s a gap where this could be emphasised to make sure that GB Energy doesn’t become just an investment vehicle?”

Andy Prendergast: From a lot of the conversations we have had, talking about a one-stop shop, assistance in planning and further regulatory support, I think that is something that will evolve over time and will be matched by the funding. An investment vehicle is badly needed on its own because it is something we do not have, which makes us almost unique among advanced economies. Looking at the Bill itself, there are parts that could be fleshed out. We would like to see more about skills, as I just mentioned, and there are some parts that we need to look at, but that is an evolutionary process as opposed to something we definitely need in the Bill now.

[Stephen Flynn]

Q Thank you, Andy: you have spoken very clearly. If I have picked you up correctly, you expressed a modicum of concern about the quantum that runs alongside the Bill to support its potential strategic investments. Could you perhaps elaborate on that more? Secondly, regarding clause 3(2)(c) on energy efficiency, is GMB of the view that GB Energy will bring down energy bills?

Andy Prendergast: If I may take the second part first, one key thing the public want is to see lower energy bills. We know that. A potential issue with GB Energy being so popular is that, to a degree, not everyone knew what it was. Some people think it will lead to an immediate reduction in energy bills. We are likely to see that over a longer period of time, but GB Energy needs to make the investments in new technologies that we have failed to make and that we have too often missed the boat on. If you compare us to Denmark, for example, 14% of its exports are in green technology. That is because it has Ørsted, which is very similar to what we are trying to do with GB Energy, but ultimately it has had a long run into this and has stolen a march. What GB Energy belatedly allows us to do is potentially to steal a march on some of the new technologies that have not been exploited, with a view to supporting those supply chains in the important parts.

Could you repeat the first part of your question, please?