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22.12 - 18:47
The energy crisis shows precisely why this industry should be in public hands
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Last week, the energy company Bulb became the latest and largest victim of a bloodbath that has seen 25 firms go to the wall. Emergency procedures for “special administration” have been used for the first time, with Bulb effectively being bailed out by the taxpayer to avoid leaving its 1.7 million customers without power. As a result of the UK’s energy crisis, we face a situation where just a few large firms dominate the market, with millions of households expected to face hardship this winter as fuel bills soar. Sound familiar?
Not so long ago, the outsized power of big energy companieswas a major political issue. People in the UK paid more for their energy and were less satisfied with their suppliers than almost anywhere else in Europe.
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