Ken plans Energy Co-operative to put £120 back in Londoners' pockets

News from the Ken campaign - a great idea to help ordinary people in place of Boris's bombast and bluster

Ken Livingstone today announced his support for the Big Switch campaign and released his plan for a London Energy Co-operative, the latest of his policies to put money back in Londoners’ pockets.

Through harnessing the buying power of Transport for London, the biggest purchaser of electricity in London, and the rest of the GLA Group, the London Energy Co-operative will be able to purchase energy on the wholesale markets, giving Londoners a cheaper alternative to rip-off energy suppliers.

Members of the co-operative would be given a stake in their own energy company. Savings will be realised through both lower bills on average, as well as an annual dividend if the co-operative operates at a profit.

It has been estimated that through setting up the co-operative, Ken Livingstone could save Londoners up to £120 off their bills.

Ken is also supporting the Big Switch campaign, led by Which? and 38 Degrees, which he believes will be able to negotiate cheaper bills for Londoners now.

He said: “Soaring energy bills are hitting Londoners hard. I’m pledging to tackle London’s rising living costs on everything from fares and housing to childcare and energy bills.  

"The collective purchasing approach taken by the Big Switch is a simple but potentially trailblazing way to help bring down soaring energy bills. When people come together, they’ll have more power to negotiate cheaper energy bills with the big energy companies.”

“But to break the stranglehold of the ‘Big Six,’ and get a better deal in the long-term we will need more competition. I will set up a London Energy Co-operative that will seek to break the power of rip-off energy companies and provide a cheaper alternative for the millions of families that are struggling with their bills.”

“Average energy bills have risen by over £300 per year while Tory Mayor Johnson has been in office, yet he has failed to act. At the heart of this election is a clear choice for Londoners – a Mayor who will take action to ease the squeeze Londoners are facing or an out of touch Mayor who will cost Londoners dear.”