Jeremy Corbyn and Rebecca Long-Bailey will say heat and electricity are a human right
'Labour will announce plans on Thursday to seize back control of Britain’s energy network from private shareholders in an effort to fight climate change and end fuel poverty.
Jeremy Corbyn and the shadow business secretary, Rebecca Long-Bailey, are expected to say that heat and electricity should be a human right for all and nationalisation of the network is key to decarbonising the economy.
Under Labour’s plan, companies that control the UK’s £62bn energy infrastructure – the pipes and cables that supply homes and businesses with gas and electricity – would be taken back into state control soon after a Labour election win.
This would include National Grid, and the network arms of Scottish Power and SSE, with the existing investors in those companies to be reimbursed with government bonds at a price determined by parliament.
Nationalisation of the energy networks forms a central part of Labour’s plans to address climate change, with the party arguing that the profits generated from the infrastructure should be invested in the green economy rather than given to shareholders in the form of dividends.
Long-Bailey will say energy customers have been “ripped off” by the privatisation of the UK’s energy grid, with shareholders paid £13bn in dividends over the past five years.
“It’s an insult and an injustice to our people and our planet for companies operating the grid to rip customers off, line the pockets of the rich and not invest properly in renewable energy,” she will say.'
Read more: Labour to end energy consumer 'rip-off' and renationalise network