Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Labour Party Announces Nationalisation Plans

Last month the Labour Party announced that it would take the National Grid back into public ownership.

Its Bring Energy Home plan would bring the four licensed electricity and gas transmission companies back into public ownership and ‘replace existing private monopolies with publicly owned and locally run institutions’. A National Energy Agency would be introduced to own and maintain transmission infrastructure, if the Labour Party gained power.

The Bring Energy Home plan stated:

“Network costs represent over one quarter of energy bills. As the energy system becomes ‘smarter’, decarbonised and more decentralised, networks have an increasingly important role to play to balance the system, keep costs down, keep the lights on, and handle data sensitively. Private ownership raises the question of whose interests these networks are being run to serve. Needless to say, achieving the highest possible return on investment does not naturally align with meeting the public interest of an energy system that is green, secure and affordable.”

The plans met with opposition from National Grid, with the BBC reporting that the proposal was the ‘last thing’ that was needed.