Sir Keir Starmer has pledged to set up a publicly-owned clean energy company to rival EDF within the first year of a Labour government in his keynote speech at the annual party conference in Liverpool.
Great British Energy will be a new, state company that will generate renewable sources "to cut bills, create jobs and deliver energy independence", he said.
The role of GB Energy will be to provide additional capacity alongside the private sector, to establish the UK as a clean energy superpower and guarantee long-term energy security.
EDF aspiration
Many European, Asian, and American countries have public generating companies, like EDF in France.
Mr Starmer highlighted that the largest onshore wind farm in Wales is owned by Sweden, so "energy bills in Swansea are paying for schools and hospitals in Stockholm".
He added: "The Chinese Communist Party has a stake in our nuclear industry. And five million people in Britain pay their bills to an energy company owned by France.
"Labour will set up Great British Energy within the first year of a Labour government. A new company that takes advantage of the opportunities in clean British power, because it's right for jobs, because it's right for growth, because it's right for energy independence."
North Sea 'squandered'
Sir Keir said Labour will make sure that public money invested will "spur on" private investment and that British people will enjoy the returns.
He added: "Labour won't make the mistake the Tories made with North Sea oil and gas back in the 1980s, where they frittered away the wealth from our national resources.
"The road to net-zero is no longer one of stern, austere, self-denial. It's at the heart of modern, 21st century aspiration. Technology has turned everything on its head."