In a radical move overnight, UK Labour has released a plan for energy grid nationalisation. As well, it will be making a big push to install solar on over a million homes.
The move would see the UK’s £62 billion (AU$117 billion) energy infrastructure grid pass into public hands. This would include both electricity and gas distribution networks.
If elected, Jeremy Corbyn’s Labour Party will establish a new publicly-owned National Energy Agency. The NEA will oversee Labour’s target of 60 per cent renewable energy by 2030 and zero net carbon by 2050.
Reflecting similar concerns held in Australia, Labour accuses the owners of Britain’s transmission infrastructure – including National Grid, SSE, and Scottish Power – of systemic gouging of customers over three decades.
This has enabled private network companies to post massive profits at the expense of households. Labour says these profits should power a clean economy, rather than dividend payments to shareholders.
In response, National Grid disagreed. Its operations, the company said, were at the heart of Britain’s decarbonisation agenda.
“Only a few days ago we broke the record for the longest period of time the country has gone without coal generation.”
National Grid added that Labour’s proposal would disrupt the UK’s path to becoming a leader in green energy.
Energy grid nationalisation key to climate fight: Labour
Energy grid nationalisation first took place in the post-war era. The advent of the Thatcher Government’s reign after 1979 saw a wave of privatisation of the once public assets and businesses occur.
The UK energy network nationalisation will drive Labour’s Green Industrial Revolution package.
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