Energy UK responds to nationalisation plans in Labour's manifesto
Responding to nationalisation plans for the energy sector in Labour’s manifesto, which was published today, Energy UK’s Director of Policy, Audrey Gallacher said:
“It is a critical time for the energy sector. Meeting net-zero is a huge opportunity which can deliver benefits for our economy, the environment and for customers, but it will require significant investment by private markets and a sustainable retail sector that can continue to innovate and deliver the benefits for customers.
“Private investment in energy - which was £13.1bn last year – has created a power sector that has been world-leading in decarbonisation while delivering green jobs, boosting economic growth and lowering costs for customers. Now is the time to radically accelerate progress in decarbonising our economy, not do anything that could slow down the progress the sector is making.
“The energy retail market is more competitive than ever with switching at record high levels and increased choice for consumers. The risk is that these proposals would halt this progress, block innovation and create a situation where new and growing suppliers - who have been gaining an ever increasing share of the market - would be competing against incumbent state-backed companies.”