Properly regulated markets, which incentivise private capital to invest in the energy system, provide the best outcome for consumers and promote market competition as the best driver of efficiency, innovation and value.
Despite the Minister’s disagreement, public ownership exists in our energy system. For example, 45% of our offshore wind assets are publicly owned, just not by the UK—they belong to the state-owned companies of countries such as Denmark and Norway. Publicly owned energy companies can accelerate the transition to clean energy while creating jobs, reducing bills and ensuring that the public benefit directly from our common resources. Countries that are leading the transition to renewables have realised this; when will the Minister?
I thank the hon. Member. It is flattering: I am 48 hours into my role, and she would like to upgrade it so that I can personally be in charge of delivering energy companies. I gently remind her that in her own local authority of Nottingham City Council, Robin Hood Energy, which was chaired by a politician—the public probably want fewer, not more, of us—managed to cost taxpayers a staggering £38 million.