EnergyBank was formed in 2010 as a non-profit company to research the UK electricity sector and design a blue-print for an energy sector that would operate optimally in the public interest. This work is supported by the Joseph Rowntree Charitable Trust
. Early work on the EnergyBank concept was done during its incubation at the Public Interest Research Centre
The Breakthrough Capitalism report (Volans 2013)
identified EnergyBank as an initiative that meets all four of its criteria for ‘breakthrough capitalism’: future-ready, ambitious, fair, and disruptive.
We envisage energy users owning the nation's energy infrastructure, enabling two benefits:
- Prices to energy users can be kept low and stable.
- New capital will be unlocked to accelerate the transition to renewables.
To unlock these benefits at scale a new institution will be required. That institution will assume the role of a custodian or trustee of utility scale energy infrastructure. Assets will be owned by energy users, operated by energy companies and held in trust by EnergyBank. EnergyBank plans to be that institution.
EnergyBank’s vision is for a world where energy is clean and owned by people.
While today EnergyBank limits the scope of its work to research, its sister company, EBX Ltd, is taking the first steps towards realising this vision. EBX offers the commercial proposition of future-proofed energy that EnergyBank has identified in its research.