Responding to Thursday's half-year financial results for National Grid Plc, Unite general secretary Sharon Graham said:
'The profits raked in by the National Grid lay bare Britain’s broken energy system. Energy profiteers like National Grid are extracting cash for overseas’ shareholders through ever more expensive bills.
'It is time our energy infrastructure was brought back into public ownership so that the British people and economy benefit rather than foreign wealth funds.'
Background
A nationalised transmission and distribution system could save £3.8 billion a year.
The UK’s transmission and distribution companies have used their monopoly concessions to make an average of £3.8 billion in net profits between 2019 and 2021.[Source]
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.
Source: Unite
