The British Trade Union Congress, revealed in a report that a nationalized energy company could save U.K. households up to £4,400 each annually, while the government could receive between £63 billion and £122 billion in revenue over the next two years. Their report, which has been seen by the Guardian and subsequently released later on Sept. 24, calls on the government to set up a “public energy champion” that could own low-carbon energy projects from wind and solar to tidal and nuclear power. The report suggests that excess profits made by this public company could be deployed to cut bills and insulate homes, improving their energy efficiency. The company could be modeled after France’s EDF.
The study demonstrates that a fully privatized energy generation market is responsible for the higher bills while the energy infrastructure is not being renewed and there is a shortage and lack of investment in the workforce.
Its general secretary, Frances O’Grady, said: “Privatization has led to higher bills and colder homes. We need a fairer, greener approach that stops energy companies using U.K. families like cash machines.... If we set up our own U.K. public energy champion, we can have lower bills, free home improvements to reduce our energy needs, and a safer climate for future generations.”
