US News: Labour reveals plans to renationalise the National Grid - PressFrom - United Kingdom
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US NewsLabour reveals plans to renationalise the National Grid

11:05  16 may  2019
11:05  16 may  2019 Source:   inews.co.uk

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Corbyn's plan to renationalise the National Grid wipes £900m off its share value in hours Labour had planned to reveal details of their renationalisation plan later National Grid said in 2017 that renationalisation was the 'last thing' they needed A botched announcement about Jeremy Corbyn’s plans to renationalise the National Grid

National Grid shares fell more than 3 percent on Thursday after the BBC reported that Britain's main opposition Labour party is preparing to announce plans to renationalize the utility.

Labour reveals plans to renationalise the National Grid © Provided by Johnston Publishing Ltd

Jeremy Corbyn will today outline his plans to bring the National Grid back into public ownership in a bid to “decarbonise” the economy, should his party come to power.

Labour said its proposals to renationalise the energy network - including all pipelines and cables that carry electricity to homes and businesses - will bring an end to the era of private companies “ripping off” customers.

But critics have warned the move will cost the taxpayer billions at a time of economic uncertainty.

Ripping off customers

Labour reveals plans to renationalise the National Grid © Provided by Johnston Publishing Ltd According to the party, around 25 per cent of energy bills are paid out to private network companies, with more than £13 billion paid out in dividends to shareholders over the last five years.

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LONDON, March 28 (Reuters) - National Grid shares fell more than 3 percent on Thursday after the BBC reported that Britain’s main opposition Labour party is preparing to announce plans to renationalise the utility. At 1335 GMT, the shares were down 3.3 percent at the bottom of the

LONDON (Reuters) - National Grid shares fell more than 3 percent on Thursday after the BBC reported that Britain's main opposition Labour party is preparing to announce plans to renationalise the utility. At 1412 GMT, the shares were down 3.1 percent at the bottom of the blue-chip FTSE 100 index and

But the policy has been roundly criticised, with the CBI warning the move would hamper efforts to curb climate change and would usher in a return of regular power cuts in Britain.

Labour said it will create a National Energy Agency to replace the National Grid which would own and maintain the transmission infrastructure.

Regional Energy Agencies (REAs) would replace the existing Distribution Network Operators, and hold a statutory responsibility for decarbonising electricity and heat.

Shadow Business Secretary Rebecca Long-Bailey, who will announce the plans during a visit to Salford with the Labour leader later today, said: "Climate change represents a risk to our future, but also an opportunity to gather our resources and transform it through a green industrial revolution.

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Labour is planning to renationalise the railways and Royal Mail, and part nationalise Britain’s energy industry if it wins the general election, as Jeremy In one of the most radical proposals, a Labour government would take full control over the National Grid and the “policy functions” of regulator Ofgem.

John Pettigrew claims switch to public ownership will disrupt transition to cleaner forms of energy.

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"That means dramatic, public driven and coordinated action, without which we simply will not be able to tackle climate change.

And she added: “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.”

Mr Corbyn will also set out plans to fit solar panels onto 2m homes in a bid to cut carbon emissions.

Closed sign

Labour reveals plans to renationalise the National Grid © Reuters But the plans are likely to see investors in the energy network significantly out of pocket as Labour has said it will not compensate them at market rates. It comes after the party admitted investors in the water network would lose out under plans to renationalise the water industry.

Matthew Fell, CBI chief UK policy director, said the proposals amounted to “hanging a 'closed' sign above the UK”.

"Loose talk of re-nationalisation is already hitting the pockets of nearly six million pensioners. This will only increase if the plans are delivered,” Mr Fell said.

The plans were also causing investment used to tackle climate change to “dry up”, while he added the proposals would “threaten significant improvements in network resilience made since privatisation”.

“No-one wants a return to the frequent power cuts that were a feature of nationalised industries of yesteryear,” Mr Fell added.

Eye-watering costs

A National Grid spokeswoman said the proposals would delay the progress being made to move to green energy, saying: "National Grid is one of the most reliable networks in the world, we are also at the heart of the decarbonisation agenda.”

Chris Philp, Conservative vice chairman for policy, also criticised the proposals.

He said: "Corbyn's ideological plan for the state to seize these companies would cost an eye-watering £100 billion and saddle taxpayers with their debts.”

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