Unplugging energy profiteers: The case for public ownership
In this new report Unite Investigates moves beyond slogans and rhetoric to explore exactly how our energy network can be brought under public, democratic control.
In Renationalising energy: costs and savings Unite maps out the UK energy network and the companies that own it to reveal:
- Public ownership could have saved us all nearly £45 billion in 2022 – over £1,800 per household.
- Public ownership of the UK’s energy supply could cost £90.3 billion, equal to two years of profits at the 2022 level.
- Household energy bills have been one of the biggest contributors to high inflation. The ability to freeze those bills would have meant that inflation was at least 4.1% lower.
Read the report here
“It’s time to end the chaos in our energy network which allows profiteers to flourish while workers and communities are left in the cold.
“Public, democratic control makes energy affordable while sustaining decent work. The question is no longer can we afford to nationalise, it is how long can we afford not to?
It’s time to pull the plug on the energy profiteers. This report shows how it can be done.”
Sharon Graham, Unite General Secretary
This report is the first to assess the costs and benefits of public, democratic ownership by considering each of the key sectors of the broken energy system, from the companies supplying our homes right back to oil and gas production in the North Sea.
Unite exposes the costs of continuing to leave this critical infrastructure in the hands of profiteers. The picture could look very different if the UK had an energy system which functioned to meet our needs, not prioritise profiteering
As well as the cost-of-living crisis, publicly owned energy is part of the solution to the climate crisis. The money is there to transition the industry and create well-paid, secure jobs. We must recover profits from the multinationals who’ve been granted licences to print money by the government and from the billionaire owners of the distribution and supply networks.