British Gas, EOn, EDF and Octopus customers to get £300 from GB Energy | Personal Finance | Finance

Customers at every major energy firm including British Gas, E.ON, EDF, OVO and Octopus Energy are set for a £300 a year boost from Labour’s new Great British Energy plans.

Now that Labour has won the General Election, it will be looking to deliver on one of its key manifesto pledges, the creation of GB Energy.

GB Energy is Labour’s plan to reform the energy system which has been beset by crippling price rises in the past few years. Although the July 1 energy price cap dropped by 7 percent or £122, the amount British households pay for their energy is still higher than two years ago and the highest in Europe.

If Keir Starmer does deliver on his election manifesto and set up GB Energy, this is how it will affect bills.

Based on what has been published so far, GB Energy aims to “lower energy bills for every household by an average of £300 a year.”

GB Energy will be a publicly owned, national company that will work with the private sector to increase renewable energy in the UK and reduce the country’s reliance on imported fossil fuels from countries like Russia, Norway and Qatar which leaves Britain more vulnerable both to global forces like Russia’s invasion of Ukraine and price fluctuations in currency.

Labour says GB Energy will also create 650,000 jobs for the UK.

The manifesto says: “We will shape markets, and use public investment to crowd in private funding. At the heart of our approach will be our Green Prosperity Plan where, in partnership with business through our National Wealth Fund, we will invest in the industries of the future. Our plan will create 650,000 jobs across the country by 2030.

“Families and businesses will have lower bills for good, from a zero-carbon electricity system. We have chosen this mission not because it is easy, but because working people can never again be left vulnerable to dictators like Putin.

“We will not issue new licences to explore new fields because they will not take a penny off bills, cannot make us energy secure, and will only accelerate the worsening climate crisis. In addition, we will not grant new coal licences and will ban fracking for good.”

Labour has also promised Martin Lewis it will take a look at unfair standing charges, which currently sit at over 60p a day, meaning even low energy user are paying a set amount of money every month even if they cut down on usage.