Fact Service May 2023

Issue 20

Public ownership ‘would end profiteering’

Taking energy back into public ownership would end the “scandal of energy company profiteering”, Unite has said

It has researched how a publicly-run energy network could use the profits of Britain’s energy giants to reduce household bills and fund the transition to a green future with secure jobs.

It found that companies made £45 billion profit from the UK domestic energy system in 2022 – which could have been used to save each household £1,800 on their energy bills.

Household energy bills have been one of the biggest contributors to high inflation. Using energy profits to freeze bills in summer 2021 would have meant inflation was at least 4.1% lower last year, Unite said. So, in time, nationalisation could actually reduce inflation.

The union estimates that renationalisation would cost £90 billion, the same amount of money as just two years of profits at the 2022 level.