Enfield Council is backing a new energy company venture to the tune of £58 million.

It has created its own energy firm to supply heating and water to more than 15,000 homes and businesses in the next four years.

It has approved the business plan for ‘energetik’ to develop, own and operate four community energy networks.

Energy centres at Meridian Water, Arnos Grove, Ponders End and Oakwood will supply the heat and hot water through a network of highly insulated pipes.

They will have the capacity to expand to more than 30,000 homes and business.

Cllr Alan Sitkin, Enfield Council’s Cabinet Member for Economic Regeneration and Business, said: “energetik is a ground-breaking venture which will return £225 million of economic, environmental and social benefits to residents and businesses in Enfield and the wider community.

“The heat networks are designed to expand, with capacity to double the number of homes and businesses receiving heating and hot water across North London.”