A thinktank suggests that Britain's gas power stations should be nationalised to prevent owners from exploiting market positions and charging exorbitant fees during energy shortages. The report by Common Wealth highlights the impact of privately owned gas power plants on households, which are subject to multimillion-pound payments to these entities during peak demand. As the UK aims for a cleaner energy system by 2030, reclaiming control over these stations is seen as a critical step to mitigate the financial burden on consumers and foster a more equitable energy market.
Privately owned gas-fired power plants exploit a unique market power position in the balancing mechanism, demanding eye-watering sums of money to supply energy at short notice.
British households are effectively transferring their wealth to billionaire-owned private equity funds and even foreign governments through multimillion-pound payments for short-notice energy supply.
Taking gas power plants under public control could prevent owners from charging fees up to 100 times the normal market rate during peak renewable generation shortages.
Given the government is aiming for an almost exclusively clean power system by 2030, nationalising these plants is a way to stop excessive charges.
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