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Nationalized energy could save up to 4,400 UK households, TUC says. TUC

Nationalized energy could save up to 4,400 UK households, TUC says.  TUC

 


Because there are no nationalized energy producers in the UK, UK households will miss up to 4,400 each over the next two years, the trade union parliament said.

The UK’s major trade union bodies are urging the government to establish a public energy champion that can own low-carbon energy projects, from wind and solar to tidal and nuclear power.

In a new analysis seen by The Guardian, TUC estimates that the government could use the surplus profits of this public corporation to cut costs and improve energy efficiency by insulating homes.

TUC claims that if Britain had a state-backed energy producer similar to Frances EDF, Germany’s EnBW or Sweden’s Vattenfall, it would generate between 63 billion and 122 billion dollars in revenue over the next two years. This corresponds to 2,250 to 4,400 persons per household.

The government has tried to deduct energy producers’ unexpected gains this year retroactively. In May, then Prime Minister Rishi Sunak introduced a windfall tax on North Sea oil and gas producers.

However, Liz Truss resisted similar charges for low-carbon electricity generators that have benefited from skyrocketing gas prices. Instead, her government is attempting to negotiate a new contract with the operator.

A TUC study found that a fully privatized energy generation market charged the British higher and increased reliance on foreign technology, investment and technology.

Secretary General Frances OGrady said: Privatization led to higher bills and colder homes. We need a fairer and greener approach to stop energy companies using UK families like ATMs.

French, Swedish and German households benefit from public ownership of electricity. Why don’t we? If we establish the UK’s public energy champion, we can have a safer climate for future generations and free home renovations to lower costs and reduce energy demand.

The TUC study argues that public ownership of power generation companies has enabled European countries to lower prices, reinvest in their communities and implement industrial strategies. But critics can point to the nearly $10 billion the French government had to pay to fully nationalize the debt-ridden EDF.

The study builds on a TUC proposal published in July, lowering the bill by nationalizing the five largest energy companies. It is estimated that $2.85 billion will be required to nationalize the five largest suppliers: British Gas, E.ON, EDF, Scottish Power and Ovo. Some projections estimate that the government could spend more than $4 billion to rescue light bulbs that collapsed last year.

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The TUC proposal was supported by the Greens. Party Co-President Adrian Ramsay said: “We will have more government ownership across all segments of the energy market so we can ensure a rapid transition from fossil fuels to renewables and secure energy demand for the future.” that’s important.

We also need to be close to the people they can serve and innovate and support a variety of ownership models for energy generators and suppliers, including communities, cooperatives and municipalities.

Sources

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2/ https://www.theguardian.com/politics/2022/sep/24/nationalised-energy-could-save-uk-households-up-to-4400-tuc-says

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