Corbyn to Sidestep U.K. $172 Billion Nationalization Fight [Bloomberg Business News]
National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares (NGG)
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Source: Bloomberg Business News
Jeremy Corbyn may have found a way to make good on his pledge to nationalize the energy industry without spending more than $172 billion buying up the six biggest utilities. The leader of the opposition Labour Party last weekend indicated he wants to bring grid companies under state ownership, including a web of 15 closely-held companies that own local power distribution cables and pipelines that feed directly into homes and businesses. He accuses the industry of ripping off consumers with excess charges to drive profits. The “alternative models of ownership” suggested by Corbyn are the most specific comments he’s made to date about how Labour would follow through on a promise to nationalize utilities. With the next election due by 2022 and Corbyn running neck-in-neck in polls against the ruling Conservatives, investors are only starting to take seriously his suggestions and speculate about how the industry could be reshaped. “It’s going to be complicated,” Keric
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