The next decade is expected to see a mass shift to electric transport and heating, while data centers will consume more and more energy to service artificial intelligence.

So to the critics and skeptics asking “is all this really necessary?” and “won’t these technologies be quickly replaced by better ones?” the answer in this week’s report is:

“Inevitably, some areas will underperform, but most investments are regrettable and the risk of overbuilding is low given the need to meet growing electricity demand into the 2030s.”

It would be hard to overestimate the scale and cost of what is now planned for the rest of this decade, and beyond.

The costs generate a formidable amount of corporate debt for customers to pay over time through their bills. There is a risk that such a rush to build things will lead to inflation in the supply chain for turbines and grids.

There is, for example, a shortage of substation transformers in international markets and the vessels needed to install offshore turbines. The report also points to a serious lack of skills to make this possible.

So with rising costs, where can Ed Miliband claim up to £300 will be saved on annual energy bills?

Neso does not offer a typical bill in 2030 and beyond, saying there are too many variables in policy choices.

But it does at least establish a way to minimize the cost of financing these huge upfront capital outlays with low running costs, while reducing reliance on the higher running cost of gas with lower capital outlays.

The increase in gas prices from 2022 was translated into electricity bills through the tariff mechanism used. And while gas remains the energy source of last resort in the envisioned system, it is expected to rarely set the marginal price that feeds bills.

Hence, less price volatility, certainly, and lower bills, perhaps.