Council energy firms ‘wiped out, lose £114m’

A further 13 energy companies with investments by local authorities lost a total of £74,106,589, according to new research

Big Zero Show 2023

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. 

Network with hundreds of businesses and public sector organisations taking bigger steps to net zero. Book your FREE ticket to the Big Zero Show 2023 now. 

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast