Unite Investigates | To fix the energy crisis, end the market mess
Unite Investigates in-depth analysis of broken UK energy market and how to fix it
Unite’s research shows energy companies made £30 billion in profit from the UK energy system in 2024 (the last year with available accounts). That means around £500 per household, and a quarter of business bills. There is no issue more critical for our broken economy than sky-high energy costs.
Since the “Cost of Living crisis” began in 2021, energy price inflation has hammered real terms living standards for workers and their families.
At the same time, soaring energy costs are one of the main obstacles to rebuilding our critical infrastructure and manufacturing industries. So they are also one of the main obstacles to securing good jobs and a decent future for working class communities.
This report shows who owns our energy, and where the money ends up. It unveils the giant global institutional investors like BlackRock, which owns stakes in many of our top energy firms. And it reveals that around a third of our energy profits end up supporting foreign governments.
Our energy system has been asset-stripped, sold off to foreign states, global multinationals and billionaires. Their basic business interest isn’t investing for the long-term, or bringing down costs – it’s extracting the maximum profit they can.
And until we address this basic issue, no number of tweaks, subsidies, or new government consultations, are going to fix our broken energy system. Our proposals are simple and clear. Take back control with public ownership. Start with the Grid, and with a properly sized Great British Energy.
It’s time to close the chapter on deregulated market madness. That’s the foundation we need for a genuine Industrial Strategy. Now it’s down to us, the workers, to make it happen.
Download the Unite report and Unite's five key proposals to fix the energy crisis.