The new Labour Government plans to establish Great British Energy, a publicly owned energy company, to ensure true energy security.
The premise is that GB Energy will be entirely owned by the British people, headquartered in Scotland, and will invest in clean energy projects across the UK. The company’s goals include making the UK a world leader in floating offshore wind, nuclear power, and hydrogen, while ensuring that the benefits are enjoyed by the British people.
But what do British businesses and consumers know about GB Energy, and are they convinced?
Awareness and support for GB Energy is high
According to Savanta’s Consumer Omnibus, awareness is high among consumers, with three quarters (76%) of UK adults aware of GB energy, though under half (46%) claim to know what this is.
There are differences in awareness based on demographics; those aged 55+ (82% aware) and males (85% aware) are significantly more likely to be aware of GB Energy than other groups, alongside those in social grade ABC1 (79%).
The business community is even more plugged in to the Government’s proposal. Data from Savanta’s Business Tracker reveals that nine in ten (88%) decision-makers are aware of GB energy and two thirds (66%) claim to know something about it. Awareness is significantly higher among medium/large businesses with 250+ employees (94%) compared to small business with under 250 employees (85%).
Support for the plan is also strong, with three in five consumers (58%) and seven in ten (70%) UK businesses in favour.
That said, there is varied support for GB Energy investing in different low-carbon technologies. Seven in ten (71%) consumers and just over half (53%) of UK businesses support investment in solar power, the most popular technology. Yet support for nuclear energy – the least popular option – is far lower, at 47% of consumers and 40% of businesses.
Such strong support for solar power and other renewable investments advocates for increased funding and policy support for these technologies.
Broad belief in economic benefits of GB Energy
There’s a belief that GB Energy will deliver economic benefits with over half of (54%) UK adults believing this will have a positive impact on the UK economy along with seven in ten UK (71%) businesses.
Yet there are mixed views on how this will impact the cost of energy for consumers and businesses’ operational costs. Roughly two in five consumers (41%) and businesses (40%) think the establishment of GB Energy will reduce energy prices, while a quarter (25% of consumers vs. 27% of businesses) think it cause prices to increase.
Trust Levels in GB Energy vary
More than two in five consumers (44%) say they would trust a Government-run entity like GB Energy to manage the provision of clean energy, though three in ten (29%) have little or no trust in this.
Trust is higher, however, amongst businesses, with almost three in five (58%) decision-makers showing at least some trust, and one in five (19%) having little or no trust in the Government to deliver this service.
This mixed trust in GB Energy as a Government-run entity highlights the importance of transparent and effective governance, particularly among consumers who require more reassurance than the business community.
To build public trust, there needs to be clear, consistent and targeted communication strategies to engage sceptical groups more effectively.