Council-backed energy firm is ‘working to find new funding’

Together Energy is reportedly in talks with professional services firm to raise additional capital

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Just a few days after the announcement that Bulb enters into a special administration regime, reports now suggest that a council-backed energy firm is in pursuit of new investors.

According to Sky News, Together Energy, an energy supplier which is half-owned by Warrington Borough Council is currently working with the professional services firm Alvarez & Marsal to raise additional capital that will help it grow and return to profitability.

The energy supplier is serving around 170,000 customers.

Last month, Ofgem issued a provisional order to Together Energy as it delayed paying £12.4 million.

The payment would cover the company’s renewable energy obligations.

A Warrington Borough Council spokesperson told ELN: “Despite the current energy crisis which continues to affect every provider, we are reassured that the company is looking to source strategic long-term funding for growth, not short-term.”

Since August, a total of 22 companies have collapsed as a result of the skyrocketing wholesale energy prices.

A recent report found that two-thirds of remaining energy suppliers could go under in the next year.

ELN has approached Together Energy for a response.

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