Here are 4 ways the government could nationalise energy NOW.
1) Nationalise the Big Five energy companies (costs £2.85 billion)
The TUC calculates that it would cost around £2.85 billion to buy back the Big 5 energy supply companies. This is not much more than the government has already planned to spend propping up private company Bulb.
2) Tax the oil giants (BP and Shell) permanently at 56%, the same rate as Norway (makes us billions)
For every £100 Norway collects in tax on barrels of oil in the North Sea, in the UK we collect only £8. This means that in today’s energy crisis, Norway can use its $1.4 trillion sovereign wealth fund to pay 80% of people’s bills above a capped price. We need to tax companies like BP and Shell properly by copying Norway - and use the money to cut people's bills and invest in the clean, green energy of the future.
3) Set up a new state-owned renewable energy company (low cost, great investment)
The UK could easily create a new publicly owned company to generate renewable energy. State owned energy generation can invest in our wind and water power while creating jobs, boosting the economy and returning a profit back to us. 9 out of the top 10 green energy leaders (everyone except the UK) has a company like this - Sweden, Norway, Denmark, Switzerland, Austria, Finland, New Zealand, France and Iceland all have one.
The Labour Party have pledged to do this in the first year of a Labour government, with Starmer's Great British Energy policy.
4) Bring the energy grid into public ownership (saves £3.7 billion a year, pays for itself in 7.5 years)
The UK is almost the only country in Europe that has fully privatised its transmission grid. If we brought our energy networks - transmission and distribution - into public ownership, we’d save £3.7 billion a year, which could be used to cut your bill and invest in green energy. The government would need to buy back the grid, but this investment would pay for itself in around seven years. It makes no sense to keep these private monopolies working for shareholders around the world instead of the people of the UK.