Bringing the UK energy sector under public ownership could bring benefits and end the “scandal of energy company profiteering”.

That’s according to a recent investigation conducted by Unite the Union which suggests such a move could alleviate the burden on billpayers, reduce inflation rates and enable investment in green technologies.

Unite, in their report titled “Renationalising Energy – costs and savings,” explores the feasibility of a publicly run energy network in the UK.

The report discloses a staggering £45 billion profit made by energy companies in 2022 from the domestic energy system in the UK.

Unite says if these profits had been retained within the public sphere, it could have translated to potential savings of £1,800 per household on their energy bills.

Sharon Graham, General Secretary of Unite, emphasised the need to address the prevailing energy system’s shortcomings, where profits are pocketed by a few at the expense of workers and communities.

Graham stated, “It’s time to end the scandal of our energy system, which allows profiteers to pocket billions while workers and communities are left in the cold.”

ELN has contacted the Department for Energy Security and Net Zero for comment.

Article source: https://www.energylivenews.com/2023/05/17/keir-starmer-urged-to-reconsider-energy-company-nationalisation/