End their profits, nationalise!

Kate Blanchard, West London Socialist Party

Households across the UK are once again bracing for a rise in energy bills. This time, the rise is being blamed on the escalating US-Israel war with Iran and across the Middle East. Oil prices have soared as global supply chains have been thrown into disarray.

So far, household energy bills have been predicted to rise by around £160 this year, pushing the typical annual bill to around £1,800. The impact has already been felt at the petrol pumps, and will only become worse the longer the war on Iran continues.

Energy companies and government ministers claim that increases are an inevitable result of rising global energy prices due to the conflict. They say that the UK’s heavy reliance on gas for electricity generation means households must expect to pay more when prices surge. This comes just days after Keir Starmer bragged in parliament that his government was bringing energy bills down.

Bills never seem to fall

But working-class people have heard this story before. The reality is that bills have been rising for far longer than this latest conflict. Whether it is war or another global crisis, there is always an excuse. Yet, even when pressures ease, bills never seem to fall and private shareholders reap the rewards. For millions already struggling with a cost-of-living crisis that has now spanned several years, this £160 rise will be yet another blow.

For the super-rich bosses, energy is a commodity to profit from, and huge multinational energy companies are determined to protect their profits and satisfy shareholders. When profits rise, they keep the gains, and when costs rise these get passed on to the rest of us. But the working classes did not create this global crisis and should not be forced to pay for it.

We need to take energy companies into democratic public ownership, with no compensation for the fat-cats, only on the basis of proven need. If the Labour government introduces subsidies to try and limit the impact of rising oil prices, that’s money that will go straight into the back pockets of the bosses.

A nationalised energy system, based on democratic workers’ control and management, could plan production, invest in renewables and guarantee affordable energy, putting the needs of the working class before the profits of a few, while protecting the environment.