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Jeremy Corbyn to reveal Labour plans to nationalise UK’s energy network

Wednesday May 15th, 2019

Jeremy Corbyn will outline plans to nationalise Britain’s energy network in a move that would transfer companies to public ownership soon after a Labour election win.Government Opportunities

The Labour leader is expected to say that the UK’s £60bn energy infrastructure – the pipes and cables that supply homes and businesses with gas and electricity – would be taken back into state control at a price to be determined by parliament.

Companies including National Grid, the network arms of Scottish Power and SSE, as well as smaller regional grids, would all come under public ownership. Current investors in those firms would be reimbursed with government bonds.

It is thought Labour believes it will be possible to pay a price below the stock market value of the companies in question, by deducting a range of items such as pension fund deficits and state subsidies, paid out to energy firms since privatisation.

Nationalisation of the energy networks form a central part of Labour’s plans to address climate change.

Under Labour’s plans, the energy network companies would be brought under the control of a new national energy agency.

The agency would also oversee a network of smaller entities tasked with sourcing renewable or low carbon sources for 60% of all energy use by 2030. The agencies would be responsible for initiatives including the rollout of electric car charging points.

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