The case for energy nationalisation

We are living through an energy crisis unlike anything since the oil shocks of 1973 and 1979. The average household energy bill is set to reach over £3,500 a year. Businesses are already going bankrupt as they face ruinous costs. And inflation, driven in part by high energy prices, is expected to hit 10 per cent with the threat of more drastic price increases in the new year.

In these circumstances, it is surprising that no leading politician has yet made the case for nationalisation of our energy sector – even though new polling shows half of Tory voters believe energy should be brought back into public ownership. Some have made the argument that nationalisation will bring down energy costs – this may not be the case. Regardless of who owns our energy assets, they will have to buy natural gas at wholesale prices dictated by market conditions. But we are now facing a volatile world.