Scott Jones, Newham and East London Socialist Party
A new report by Unite the Union investigates why the UK has the highest energy prices in Europe and points out that the average household pays £500 a year of its bills directly to energy company profits. This at a time when bills have gone up 42% since 2021 leading to a total of £30 billion in pre-tax profits for energy companies in 2024.
Unite general secretary Sharon Graham says: “What the Unite energy costs report clearly shows, is that households are being fleeced pure and simple. The chaos of the current system has resulted in the highest energy bills in Europe.”
The report correctly concludes that you can’t control what you don’t own, calling for public ownership of energy. Taking it out of the hands of some of the world’s wealthiest people and companies mentioned in the report like US Investors Blackrock and Vanguard, which both have major stakes in UK energy companies. Czech billionaire Daniel Kretinsky owns gas generator EP, Hong Kong’s richest man Li Ka Shing is the largest shareholder in UK Power Networks, while Warren Buffet is the largest shareholder in Northern Powergrid.
Unite reiterates its policy of renationalising our energy system, estimating the overall costs of renationalisation, including if the taxpayer were to buy back the system assets at their ‘book value’, at £90 billion.
But these companies have been ripping us off for years and compensation should only be paid on the basis of proven need and not giving more money to the super-rich to give us back what is ours.
And workers and our trade unions which have a policy of public ownership need a party that fights for renationalisation. Your Party is an opportunity for this, and trade unions need to be involved fighting for a programme and structure that gives voice to trade union members and policies, and the working class as a whole.
