Jon Trickett MP: Energy giants pocket £514 Billion

That is half a trillion pounds in just a few years. Last year alone, they pocketed £115 billion. And yet, here in Wakefield district, many are still facing sky-high bills with little sign of relief in sight. It’s daylight robbery.

Most of these firms aren’t even British-owned. They’re controlled by foreign governments and financiers, who are extracting profits from UK households and sending them overseas. Local people are being ripped off, while executives and shareholders toast their record-breaking earnings.

Let’s be clear: energy is not a luxury. It’s a basic human need. And yet, in one of the richest countries in the world, people are forced to choose between heating and eating. It is indefensible.

Ofgem’s recent decision to raise the energy price cap by £111 a year – bringing the average bill to £1,849 – will put even more strain on bill payers. The government’s proposed cuts to sickness and disability benefits, combined with reductions to the winter fuel payment, could push some households over the edge.

Residents already know the impact of fuel poverty all too well. People are forced to ration heating and skip meals. Shockingly there are people who have fallen on hard times who are forced to rely on food banks or clothes banks to access life’s essentials. How can it be right that people are forced into hardship so that energy bosses can cash in?

It doesn’t have to be this way.

A recent poll by More in Common found that 57 per cent of people want energy back in public hands. Only 16 per cent oppose the idea. The message is clear: people are fed up with a broken system that puts profit before people.

Privatisation of our energy sector has been a disaster. Instead of investing in local infrastructure, cutting bills, or improving services, these companies have prioritised profits for shareholders. It's time for change.

The Labour government has created Great British Energy, which will provide support to companies to develop renewable energy projects. However, it stops short of actually operating these projects itself. I think we need to go the whole hog.

Energy is a critical resource that powers our country. Like the NHS, it should be run in the public interest – not treated as a cash cow for shareholders. It’s simply too important to be left to the control of profiteers.

Greater public ownership across all parts of our energy market would provide much needed energy security in an uncertain world, but it would also mean fairer prices, local accountability, and profits reinvested into our communities – not siphoned off to foreign investors.

As the year unfolds towards winter, the choice for the government is stark: continue allowing giant corporations to profit off our basic needs, or build a fairer system that puts people first. Enough is enough. It’s time to take back control of our energy.