Nationalised energy could save UK households up to £4,400, TUC says

theguardian.com:

British households will each miss out on up to £4,400 over the next two years because the UK does not have a nationalised energy generation company, the Trades Union Congress has said.

The UK’s main trade union body is calling on the government to set up a “public energy champion” that could own low-carbon energy projects from wind and solar to tidal and nuclear power.

In a new analysis seen by the Guardian, the TUC estimates that the government could use excess profits made by this public company to cut bills and insulate homes, improving their energy efficiency.

The TUC argues that if the UK had a state-backed energy generation company akin to France’s EDF, EnBW in Germany or Sweden’s Vattenfall, it would receive between £63bn and £122bn in revenues over the next two years. That is equivalent to between £2,250 and £4,400 a household.

The government has attempted to retrospectively take a cut from the unexpected gains made by energy producers this year. In May the then chancellor, Rishi Sunak, introduced a windfall tax on North Sea oil and gas producers.

However, Liz Truss has resisted calls for a similar levy on low-carbon electricity generators, which have benefited from the surge in the price of gas. Instead, her government is attempting to negotiate new contracts with operators.

The TUC study argues that having a fully privatised energy generation market has left Britons with higher bills and created a dependence on foreign technology, investment and skills.

Its general secretary, Frances O’Grady, said: “Privatisation has led to higher bills and colder homes. We need a fairer, greener approach that stops energy companies using UK families like cash machines.

“French, Swedish and German families benefit from public ownership