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Corbyn to Sidestep U.K. $172 Billion Nationalization Fight

  • U.K. opposition leader focused on owning local power networks
  • Investors only starting to speculate how Labour might act
Jeremy Corbyn
Jeremy CorbynPhotographer: Jason Alden/Bloomberg
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Jeremy Corbyn may have found a way to make good on his pledge to nationalize the energy industry without spending more than 124 billion pounds ($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.