National Grid

Labour’s plan to take the National Grid back into public ownership would harm the UK’s switch to green energy, the grid’s chief executive has said. John Pettigrew said renationalisation was “the last thing the industry needs” as it invests to accommodate more wind and solar power on the UK’s power grids. “Clearly, on nationalisation, we do not think it is a good idea,” Pettigrew said, as the company reported operating profits up 14% to £4.7bn for 2016-17. Its market capitalisation is about £38bn, including its US business. “To spend tens of billions of taxpayer money on nationalisation I’m just not convinced would be in the interest of taxpayers nor of energy consumers going forward,” he told the Guardian.

Guardian 18th May 2017 read more »

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Published: 19 May 2017