Great British Energy was announced as a national champion; in other words, a publicly-owned power company, the spiritual heir to the days when the state kept the lights on and the bills down. The name does a great deal of work. It asks you to picture turbines, reactors, a vast public enterprise generating power for the people who own it.
Here is what has actually been built. Great British Energy employs around 30 permanent staff. It owns no power stations and generates, as far as anyone can establish, not a single watt of electricity. It is about to move into a £1.7m headquarters. And it is currently advertising for three non-executive directors at £1,000 a day, three days a week - £270,000 over three years to sit on the board of a company that has nothing to do.
The 1,000 jobs promised at launch have so far materialised as 30 - and even that figure flatters it, propped up by 21 staff on loan from other departments, 12 secondments, and 23 more on contingent contracts. It is a logo with a staff canteen.
This is the genre of industrial activity the modern British state has perfected: the announcement as the achievement. You do not need to build the power station if you can build the brand. Cut the ribbon, print the letterhead, brief the Sunday papers about Great British Energy striding onto the field, and the political work is done. Look at that image attached to the post! Isn't that nice?
As for the actual generation of electricity? Just a tiresome detail for some future administration to sort out. Ed Miliband, the greatest threat to the national interest since probably Spanish flu, gets his announcement, the public gets a press release, and the bills do not move.
The quango cluster around it swells regardless of output. Take the Low Carbon Contracts Company, one of the family: its headcount has risen 382%, from 49 to 236, its costs tripling, in a sector whose entire public justification is that it will make energy cheaper. More administrators, more directors on day-rates, and a country still paying among the highest electricity prices in the developed world.
The contrast with a real energy policy is total. You bring bills down by building things that make power - reactors above all, at the pace South Korea and France manage and we have somehow forgotten. Progress would put British nuclear on a war footing and build generation that physically exists, because the only thing that has ever lowered the price of energy is more of it. A body that produces none, however patriotically branded, lowers nothing.
Great British Energy: a grand name, a British logo, and no energy to speak of. It is a perfect emblem of a government that has run out of the capacity to do things and kept only the capacity to name them.
What a load of doughnuts.