Energy Live article : by Johnny Bairstow : published 25 November 2019
The Sunday Times has reported National Grid has opened holding companies in Hong Kong and Luxembourg and suggests SSE has done the same in Switzerland.
The precaution would not prevent the companies from being taken over by a Labour Government but could help to protect investors – the party plans to renationalise the UK’s railways, mail service, water supply, broadband provision and energy networks to benefit consumers, decarbonise the economy faster and create jobs.
Businesses that could be affected fear they could be nationalised at less than their current market value, which would prove detrimental to shareholders, which include pension funds.
National Grid is worth £31 billion, while SSE has a market value of £13.6 billion.
In a statement, the Labour Party said: “The UK’s energy networks are vital strategic infrastructure on which we all rely. You cannot boil a kettle, heat your home or run a business without the grid.
“The idea that private owners, who have been ripping off the public, would move offshore in an attempt to prolong the rip-off illustrates just why we need the grid back in public hands.”
IT IS GREAT Suffolk County Council, Natural England and DEFRA (Department of Environment) are investing in these green initiatives. HOPEFULLY IT MEANS that these projects and investments will not be wasted by unwanted and unnecessary construction of energy infrastructure.
Sign the Climate Coalition’s Declaration for a Healthy, Greener, Fairer Tomorrow. The UK is at a turning point. As we build back from the current health crisis, we have the opportunity to rebuild a resilient economy that benefits everyone in society and tackle climate change and nature’s decline, creating jobs and protecting the most vulnerable in the UK and around the world. Or we can let the moment for change pass us by, go back to old ways and wait for new crises to hit. The Climate Coalition is organising a virtual mass lobby on Tuesday 30th June: https://www.theclimatecoalition.org/virtual-lobby