Will oil capital Aberdeen be the new home of GB Energy?

So where is value added? It sounds like Ed Miliband, the cabinet minister in charge, sees this as a means for the state to get a piece of profitable action – citing Norway, Denmark and France as countries that have big, profitable energy firms.

Where value could be added less profitably but in place of private sector shortcomings is in its remit for supporting local and community schemes for renewable power. The Scottish Renewables trade body said support for local and smaller energy schemes is a big improvement, “having suffered greatly from a lack of policy and investment support for some time”.

It could also support technologies that are yet to become commercially viable and attractive. Green hydrogen is one such prospect.

GB Energy could help take the first, riskier steps to establish production at scale and distribution networks, giving industry and hauliers confidence to invest in hydrogen-powered equipment.

To meet its net zero targets, the aviation industry needs to kick-start production of biofuels known as SAF or Sustainable Aviation Fuel. That could use public funds to build up refining capacity.

Tidal power is getting closer to commercial viability, given the right price guarantees: wave power is further from market.

And there’s Carbon Capture and Storage (CCS). While gas and oil will still be burned, emissions can be captured and pumped deep under the North and Irish seas. But that still hasn’t reached commercial viability.

Around £20bn has been half-promised by the UK Treasury to help get the private sector investing in the necessary equipment and pipelines.

The National Audit Office reported this week on progress so far. It’s not reassuring.

It identifies numerous risks to the projects, immensely complex negotiations with the private sector, and says the earliest projects are behind schedule.

It also points out that CCS is essential to reaching targets for net zero, and if that doesn’t work as planned, there is no alternative route.