I'd expect some - actually probably quite a lot - of excess CAPEX on wind+solar, and some deficit (less CAPEX, but buying some electricity at retail) so you don't have electrolysers and thermal plants just lying around.
You're still stuck with the investment issue: either you pay (Hinckley-scale!) fees to providers to just lie around, or the public sector runs it itself, and the "private more efficient" bollocks is exactly that, because the private sector isn't providing the value. The people providing SLAs are.