“No respite”

Unite responded to Ofgem’s announcement of the latest energy price cap on Friday (21 November), highlighting the impact it will have on working people.

Unite general secretary Sharon Graham said: “There is no comfort in today’s announcement for the millions of people struggling to heat their homes this winter.

“Unite has shown that £500 of every energy bill goes straight to energy company profits. If the government is serious about bringing down bills, it must tackle corporate profiteering. We need to bring back public ownership of our energy system, starting with the grid.”

Last month Unite published its Energy Profiteering report which revealed that the principal reason that UK households have the most expensive energy bills in Europe, is a result of the privatised energy system and company profits. In 2024 energy companies made a total of £30 billion in profits.

The report found that the average household is paying £500 of energy bills to the privateers in company profits. This is at the time that household bills have increased by 42 per cent since Winter 2021.

Profit margins are excessive, with the average profit margin being 23 per cent, rising to an eye watering, 38 per cent, for companies involved in the grid.

Company profits (£30 billion) are a far bigger factor in household bills than green levies which amount to just £9.9 billion.

Unite is calling for the renationalisation of the UK’s energy system beginning initially with the grid, with the general secretary telling delegates at this year’s Labour conference about the need for change.

Unite Community members have also been taking to the streets over recent months to highlight the impact of the rising cost of energy on communities. This included a national day of action on 1 April and an ongoing campaign.

By Keith Hatch