Ed Miliband, the UK government’s “green energy” tzar, proudly announced he had received independent advice from a “new” company, NESO.
The advice comes in the form of a report which, according to Miliband, “provides conclusive proof that clean power by 2030 is not only achievable but desirable.”
It’s not independent advice as Miliband claims when the sole shareholder of the company is the Secretary of State, who is currently Ed Miliband. It’s akin to Miliband giving Miliband proof to support Miliband’s “clean power mission.”
To add insult to injury, the British taxpayer has just forked out £630 million for Miliband to acquire the company, now effectively a government department, with over 2,000 employees to provide Miliband with the “independent” advice and proof he needs to support his “mission.”
This is such a mess it’s difficult to know where to begin. Let’s begin with Miliband’s fateful tweet that has alerted the public to the scam Miliband is running.
Below are images of a Twitter thread Miliband posted on Tuesday boasting of his “independent” advice. It takes the form of a report from a company called NESO of which, as it turns out, Miliband, as Secretary of State for the Department for Energy Security and Net Zero (“DESNZ”), is the sole shareholder.
The UK’s 2023 Energy Act established an independent system planner and operator to help accelerate Britain’s energy transition; “creating” NESO. It’s worth noting that it was decided at a later stage that not all of ESO’s operations would be sold to the Government. Elexon was a subsidiary of National Grid’s ESO (also sometimes referred to as “NGESO”) but it was separated from ESO when ESO’s operations were purchased by the UK government.
Elexon’s primary objective is to facilitate the smooth operation of the wholesale electricity market. It administers the Balancing and Settlement Code (“BSC”), comparing actual electricity generation and consumption with planned volumes, and calculating prices for any discrepancies. They then transfer funds accordingly. Additionally, Elexon provides and procures services necessary to implement the BSC.
When Did NESO’s Operations Begin?
Also on 13 September, the UK government announced that the “new publicly owned body” NESO will “pave the way to a clean energy future.”
When the Government refers to a “new publicly owned body,” it is not referring to NESO being a new company. A quick look at the filing history shows that NESO, formerly National Grid’s ESO, was incorporated on 16 October 2017 with 1 share at a value of £1. The sole shareholder was National Grid Holdings One plc, which is owned by National Grid Plc, a publicly listed company.
The top ten shareholders of National Grid plc include global asset management companies such as BlackRock and Vanguard; institutions own 73% of the shares and 43% of the business is held by the top 25 shareholders, according to an article by Simply Wall St. The company’s largest shareholder is BlackRock, with ownership of 8.8%.
The bottom line is: The UK taxpayer has just paid £630 million – for a not-for-profit organisation – to the likes of BlackRock and Vanguard to purchase what is effectively a government department with more than 2,000 employees to advise the Government on how to decarbonise the UK economy, to help Miliband with his “clean power mission.”
Let that sink in – more than 2,000 people to advise the UK government on how to decarbonise the economy. Insultingly, NESO proudly describes itself as “an independent publicly owned expert.”
As if that wasn’t enough, we will continue to be charged, accounting for around 50% of our monthly bills, to cover “environmental and social costs” – to implement the Government’s policies – while the Government reduces its social costs expenditure through, for example, cutting Winter Fuel Payments.
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