Plaid Cymru Shadow Energy Minister Llyr Gruffydd has rightly called for a new Welsh energy company to break the stranglehold of the Big Six energy cartel members on the energy market. Wales needs a ‘not for dividend profit’ company, along the lines of the way Glas Cymru works within our water industry. This would firmly ensure that customers come before shareholders dividends and the City of London. An all Wales ‘not for dividend profit’ energy company would mean that all the profits would be reinvested back into the energy sector in our country. This would ensure that Welsh families, households and small and larger businesses get a good deal on their energy and our country will end up with secure sustainable energy supplies.
Plaid Cymru Shadow Energy Minister Llyr Gruffydd said:
“For far too long, the big six energy companies have hiked their prices when the wholesale cost of energy goes up but don’t bring it down when they reduce.
“A Welsh national energy company, an Ynni Cymru, would follow the same successful model as Glas Cymru has done in the water industry.
“This Welsh energy company would buy gas and electricity at wholesale prices and sell direct to Welsh consumers and businesses.
“The company could be set up by the government at arms-length.
“Profits made would be used for protecting consumers from volatile wholesale prices and introducing energy efficiency measures to keep costs down for families and households.
“When we see that gas price hikes were the highest in Europe in 2011, and have risen consistently, then it is clear that families have not been best served by the private energy market.
“Plaid Cymru believes that we should move towards a system where investment and long-term development take priority ahead of shareholders’ profits.
“That is why at our party conference this weekend we will be having detailed discussion about the energy industry, including how we can ensure best value for hard-pressed families and a long-term energy policy for Wales.”