LONDON — Labour swept to power with a big, expensive promise: to create a government-owned energy company, hand it billions to invest in British renewables, and watch it grow, eventually, to rival other state-owned energy giants. Two years on from the foundation of Great British Energy, that isn’t what has happened. Analysis from POLITICO shows billions of pounds from its budget have been redirected to schemes not included in GBE’s initial remit, stripping away some of the cash earmarked for costly, large-scale renewable energy projects like wind and solar. Those funds are being used instead for very different purposes, like planning new nuclear schemes and reviving Britain’s creaking electricity grid.
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