Petition for nationalisation of energy companies gathers steam

Campaigners suggest the move is needed to mitigate energy cost hikes and mismanagement of the energy sector

Big Zero Report 2022

Thousands of people have put their names under a petition created to ask for the nationalisation of the UK’s energy assets.

A few days ago, the Trades Union Congress called on the government to make energy companies publicly owned.

The petition, which as of Friday 5th August, has collected more than 81,000 signatures, states: “The government needs to take back ownership of strategic energy assets. It needs to accept that the free market has failed the energy sector. It is in the national interest renationalise our energy assets.

“People are already having to choose whether to heat or eat. Token gestures of mandatory loans and stripping local authorities of much-needed monies to mitigate bulk cost increases, mismanagement of the energy sector and the whim of the market are not good enough.”

The signatories call for a “25-year strategic plan”.

When the petition gets 100,000 signatures it is able to be considered for a parliamentary debate.

A few days ago, Ofgem announced a new methodology that will enable the regulator to update the price cap every three months instead of six.

The move is believed to support customers and energy companies amid soaring energy prices and the cost of living crisis.

A government spokesperson told ELN: “Nationalisation would not solve the issue of high wholesale energy prices on the global market and is absolutely not on the agenda.

“Competition is the best driver of value and innovation in the energy market and over the years customers have benefitted from greater choice and standards of products and services.

“In addition, over 22 million households are currently protected by the price cap. If the cap was not in place, energy companies could charge consumers even higher prices, over and above the costs of purchasing wholesale gas and electricity.”

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