(Alliance News) - A Labour government will create a publicly-owned energy company within its first year in office, Keir Starmer has announced.
The Labour leader said Great British Energy will take advantage of opportunities in clean British power.
He won a standing ovation at the party's annual conference in Liverpool when he said the new company will be publicly owned.
It was "right for jobs, right for growth and right for energy independence from tyrants like Putin," Starmer said.
The Labour leader told delegates that at the moment the largest onshore wind farm in Wales was owned by Sweden, energy bills in Swansea were paying for schools and hospitals in Stockholm, the Chinese Communist party had a stake in the UK's nuclear industry and five million Britons paid their bills to a French-owned energy company.
The role of GB Energy will be to provide additional capacity, alongside the rapidly expanding private sector, to establish the UK as a clean energy superpower and guarantee long term energy security, said Labour.
The party said the announcement of GB Energy builds on its commitment to make the UK a clean energy superpower by 2030 and create a National Wealth Fund.
Labour's plan is a pragmatic way to help deliver clean power at scale so we can cut energy bills, deliver energy security, and create good jobs for the British people, the party leader told the conference.
Starmer said: "Labour will make sure that the public money we spend building up British industry, spurs on private investment, stimulates growth...and the British people enjoy the returns."
Ed Miliband, shadow secretary for climate and net zero, said: "Labour will deliver an energy system for people and planet. Foreign governments own large parts of our energy system, and reap the wealth that flows from it.
"As we implement our clean power plan, it's time to have our own publicly-owned domestic champion in energy generation, creating wealth and jobs in Britain.
"Labour will build an energy system for the future, run for the British people."
Rebecca Newsom, Greenpeace UK head of politics, said: "Establishing a UK-owned energy generator has the potential to give homegrown renewables a big boost.
"Under a publicly-owned Great British Energy, vital emerging technologies like floating offshore wind and green hydrogen electrolysers could be given the extra support needed as UK supply chains are grown and costs come down.
"To be truly effective and deliver on Labour's commitment to a fair climate transition, a publicly-owned energy agency would need to give fossil fuel workers smooth routes into the clean energy sector.
"Right now we already know that more renewable jobs must go to local workers, with fair contracts and safe working conditions, and there must be proper training and reskilling for workers moving across from the oil and gas industry."
By Alan Jones, PA Industrial Correspondent