Not-for-profit energy firm to be launched

A new independent energy supply company which expects to help consumers save up to 10% on their bills is to be launched in Scotland. It claims to be the first in […]

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A new independent energy supply company which expects to help consumers save up to 10% on their bills is to be launched in Scotland.

It claims to be the first in the UK to operate on a non-profit distributing basis and hopes to save consumers up to £11 million during the next five years.

Our Power Energy plans to sell heat and power to tenants in 200,000 homes across Scotland by 2020.

It was founded by 35 member organisations and will enter the market at the end of 2015 as an Ofgem-licenced supplier of gas and electricity.

The firm is backed by £2.5 million from the Scottish Government and another £1 million from Social Investment Scotland – both in the form of repayable loans.

Alastair Davis, CEO of Social Investment Scotland said: “Fuel poverty is a major issue for many households throughout Scotland. However, by removing profit from the equation, Our Power offers a new way of tackling this problem.

“During the next five years Our Power will help many disadvantaged families reduce their energy bills and stay warm.”