Britain's opposition Labour Party intends to take energy networks back into...
LONDON - Britain’s opposition Labour Party intends to take energy networks back into state ownership if elected, prompting infrastructure owners to warn of damage to investment, high taxpayer costs and a slower transition to green energy.
Britain’s energy infrastructure, such as gas pipes and electricity cables, is owned by several firms including SSE, National Grid and Iberdrola’s Scottish Power. All of them criticised the move. Labour said an overhaul was needed to prevent network firms generating “unjustly high profits” at a time when there is pressure to lower the cost of energy for households.
British regulator Ofgem was told by parliament last year to cap energy prices after lawmakers said customers were being overcharged. Prime Minister Theresa May had called the tariffs a “rip-off”.
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