National Grid profits cut straight through the PR bluster
Rebecca Long Bailey MP, Labour’s Shadow Business and Energy Secretary, responding to National Grid’s profit posting after Labour announced plans to bring it into public ownership, said:
“These figures speak for themselves, and cut straight through the PR bluster. As a country we face a huge challenge to rapidly decarbonise our energy system while bringing costs down for households – and we simply cannot afford to continue with a privatised monopoly that puts the public at such a structural disadvantage.”
Notes to editors
This morning National Grid posted operational profits of £3.4bn. Payments to shareholders will be increased by 3%. National Grid paid out about £1bn to shareholders for each of the last ten years.
Labour has announced that it will take the national grid out of the hands of private shareholders and use it to make heat and electricity a human right and tackle climate change: