Who owns the economic value in Britain’s energy system?
Energy is not only an essential service; it is also a significant economic resource. Value is created throughout Britain’s energy system — by generating electricity, transporting it through regulated networks and supplying it to homes and businesses. Renewable generation adds an interesting dimension: wind and sunlight are naturally occurring resources with no fuel cost, while investment in land or seabed rights, generating equipment, infrastructure, finance and expertise converts those resources into electricity and economic value.
This project explores who owns the assets that capture that value and who ultimately has an economic interest in them. We trace major electricity generators, distribution networks and retail suppliers through their immediate owners to parent companies, institutional investors and, in some cases, overseas governments.
Foreign ownership does not mean that profits automatically leave the UK: companies employ people, pay taxes, invest, service debt and reinvest earnings in Britain.
Ownership instead tells us who ultimately holds a claim on the economic returns generated by an asset. Where possible, our analysis will separately examine profits, dividends, investment and other financial flows.
Important note: Britain’s energy assets are owned by a wide range of companies, governments, pension funds, investment funds and other stakeholders. Their inclusion in this project does not imply wrongdoing or inappropriate conduct by any owner or investor. Unless evidence demonstrates otherwise, all assets and stakeholders shown are understood to operate in accordance with applicable UK laws and regulations.
The purpose of the project is transparency: to better understand where economic value is created, who owns it and who may ultimately benefit from it.