A PUBLICLY owned energy company would benefit families by up to £122 billion — £4,400 per household — over the next two years, a TUC study has found.

The trade union organisation said that such a company — which already exists in France, Germany and Sweden — would be dedicated to serving the public instead of fat-cat chief executives and shareholders.

A blueprint to establish such a company in Britain to “accelerate decarbonisation, create quality green jobs, and share the benefits of the climate transition with the population” has been published by the TUC.

It says that a publicly owned company would “provide the nation with a more secure energy supply, lower bills for households for the long run, and a safer climate future.”

Profits could be used to insulate homes as well as reduce bills.

France’s publicly owned energy company, EDF, also operates in Britain. 

Profits paid for by British energy users help subsidise lower energy prices in France, where price increases this year have been limited by the French government to 4 per cent – against more than 200 per cent in Brtain, the TUC said.

TUC general secretary Frances O’Grady said: “Every family deserves access to affordable, clean energy. 

“But privatisation has led to higher bills and colder homes. We need a fairer, greener approach that stops energy companies using families like cash machines.

“French, Swedish and German families benefit from public ownership of electricity – why shouldn’t we? 

“If we set up our own public energy champion, we can have lower bills, free home improvements to reduce our energy needs and a safer climate for future generations. 

“The green transition gives us the chance to take public stakes in clean power as we expand our renewable energy supply.”