In a proposal that goes beyond Labour’s idea of freezing energy bills for at least six months, the Greens said the nationalization of the five main energy companies was a necessary part of a plan ambitious enough “to avoid a disaster this winter”. The scheme will build on one proposed by the TUC last month. This was based on the cost of around £2.85bn to nationalize the big five supply companies – British Gas, E.ON, EDF, Scottish Power and Ovo. By comparison, the government spent £2.2bn to rescue another company, Bulb. The Green plan would also see the energy price cap – the most households can pay – reset to last autumn’s level, before this April’s rise of almost £700 a year for the average household. Applying this throughout the autumn and winter would cost around £37bn, the party said, compared with the estimated £29bn cost of Labour’s proposal to keep the cap at its current level. The cost will be paid in part by tightening the government’s windfall tax on oil and gas companies’ extra profits from higher global prices, and the party is also proposing higher taxes on the very rich. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Carla Denyer, co-leader of the Greens with Adrian Ramsay, said the party would also seek to create more energy efficiency by introducing differential tariffs whereby households that use a lot of energy face proportionally higher prices, with exceptions for people with disabilities or chronic health conditions. The party has already committed to a massive home insulation program to improve energy efficiency. “This experiment with an energy supply market has failed,” Denyer said. “Only the government can intervene on the scale needed to prevent a disaster this winter.” He said there was “nation-wide concern at the prospect of unpaid energy bills”, adding: “The other parties have only offered to set energy prices at current levels, but we know they are already out of reach. We would bring energy prices back to an affordable level.” Denyer said: “By bringing the big five energy retailers into public ownership, making the price of energy affordable and absorbing global price rises, the government could ensure that everyone can afford to go beyond this cost of living crisis. At the same time, it will mean that this public service will be able to operate in the public interest, rather than in the interest of profiteering.” Labor and the Lib Dems have called for energy bills to be frozen at current levels. Boris Johnson’s government has said more needs to be done to help households with energy costs, but that policies must be decided by his successor. Liz Truss, the favorite to take over as prime minister, has said she is focusing on tax cuts rather than immediate help with energy costs, although the latter is not out of the question. Rishi Sunak, the other candidate, has presented proposals that include reducing VAT on energy.
