The £40 billion ($43 billion) plan announced in the first days of Liz Truss’s government to bolster energy traders remains a black box. Who benefits, at what cost and under what conditions is a mystery the Treasury and the Bank of England have yet to explain — with three weeks to go until the fund is formally launched. The Energy Markets Financing Scheme isn’t getting much attention because it’s been overshadowed by the energy bailouts for households and businesses, which may end costing as much as £160 billion over the next two years. It’s also far more technical than the easily understood freeze on energy bills for families, further discouraging attention.But it deserves close scrutiny. Properly designed, it’s the right policy, and may end costing a fraction of the £40 billion headline amount. But if badly implemented, it could end channeling billions of taxpayer money to speculators.