Britain’s Green Party has proposed permanently nationalizing the country’s five major energy companies to ease the current cost of living crisis, The Guardian reported on Wednesday, citing party leaders.
“By bringing the Big Five energy retail companies into public ownership, pricing energy at an affordable rate, and absorbing global price hikes, the government could ensure that everyone can afford to get through this cost of living crisis“said party co-chair Carla Denyer, quoted by the media.
According to the report, the party based its proposal on a recommendation from the Trades Union Congress of Great Britain (TUC) last month, which called for bringing British Gas, E.ON, EDF, Scottish Power and OVO under state control. According to the TUC, the move would cost around £2.9 billion ($3.5 billion), which isn’t much more than the £2.7 billion ($3.3 billion) that the government spent on bailing out another energy company, Bulb, last year.
In addition, the Greens have proposed an initiative to bring the energy price cap – the maximum amount that households pay for energy – down to last autumn’s level. At the same time, the party has urged London to raise taxes on excessive profits made by British oil and gas companies.
“Only the government can intervene properly to avoid disaster this winter,Denyer was quoted as saying.
London already raised the cap on electricity prices earlier this year, pushing the average annual bill for a UK household up 54% to a record £1,970 ($2,400). At the end of August, the UK regulator is expected to announce a further increase in the cap, which could lead to annual electricity bills rising to over £3,000 ($3,600) in October and even higher bills next year. according to recent forecasts.
For more stories on economics and finance, visit RT’s business section
You can share this story on social media: