Britain will get its own state-owned power company to help slash the cost of bills, Keir Starmer vowed tonight.
The Labour leader said Great British Energy would boost the supply of renewables including wind, solar and tidal.
The nationalised electricity generator is aimed at bringing down prices for families, as well as ensuring the country no longer has to rely on imports from abroad.
In a barn-storming party conference speech in Liverpool, the opposition leader declared he is ready to boot the Tories out of No10 and give the county its “future back”.
“As in 1956, 1964, 1997, this is a Labour moment,” he told members as he referenced the previous time the party has got into power. The 49-minute address received 13 standing ovations.
Labour has been buoyed by opinion polls in recent days, with a YouGov survey suggesting it has opened up a 17-point lead over the Conservatives.
Amid fears interest rates will be dramatically hiked making it harder for people to pay their mortgages, Mr Starmer said Liz Truss had left “Britain all at sea, where a cloud of anxiety hangs over working people”.
“My government will be different… We will get us out of this endless cycle of crisis and we will do it with a fresh start,” he continued.
The Labour chief said ministers “haven’t just failed to fix the roof, they’ve ripped out the foundations, smashed through the windows and now they’ve blown the doors off for good measure”.
As PM, Mr Starmer said he would set up Great British Energy within his first year in office to “take advantage of the opportunities” that would come from being “clean energy superpower”.
“The future wealth of this country is in our air, in our seas, in our skies. Britain should harness that wealth and share it with all,” he said.
“British power to the British people.”
Labour has a target for all electricity to come from renewables or nuclear by 2030, including by doubling onshore wind, trebling solar power, and quadrupling offshore wind.
“Some nation is going to lead the world in offshore wind. Why not this one?
Some nation will win the race for electric vehicles. Why not us? Some nation will be the first to harness new hydrogen power. Why not Britain?” Mr Starmer asked.
The electricity generation company would be funded from an £8billion National Wealth Fund already announced by Labour and would have operational independence, allowing it to invest in green energy schemes.
Labour highlighted that many European countries have state-owned electricity generators including EDF in France and Vattenfall in Sweden.
Great British Energy would focus solely on power generation rather than replace suppliers.
It could invest in experimental projects like tidal power or floating offshore wind.
Labour officials said the ambition would be for GBE to export power to other nations.
Rebecca Newsom of Greenpeace said: “Establishing a UK-owned energy generator has the potential to give homegrown renewables a big boost.”
TUC General Secretary Frances O’Grady said: “This is a big, bold move that will cut bills and secure our energy future.
“This new national energy champion can provide high-quality jobs to every corner of the UK.
“And it’s about time the public shared in the profits of British energy.”
Confederation of British Industries president Brian McBride said: “Against the backdrop of a cost-of-living crisis, it’s welcome to hear Labour re-state its pro-business credentials and double down on a commitment to sustainable growth.”
