Eight energy companies owned by local authorities lost a staggering £114,022,019 over four years.
New research by the campaign group Taxpayers’ Alliance estimates that nearly 13 energy firms invested in by local authorities lost a total of £74,106,589 from 2016 to 2020.
The report claims that Bristol City Council lost more than £46 million, the most of any council through their energy company BE 2020 Limited, which is now in liquidation.
Nottingham City Council had the biggest loss-making year for its energy company, Robin Hood Energy, losing more than £23 million in 2018-19.
The authors of the report say the firm which is now in administration experienced the largest loss in a single year of any energy company.
TaxPayers’ Alliance also stresses that the total amount of public investment committed to energy companies in which councils had a financial interest between 2016 and 2020 was more than £132 million.
In recent weeks, many energy suppliers have failed as a result of the soaring wholesale energy prices.