£114 Million Lost By Council-Owned Energy Firms mdi-fullscreen

A Taxpayers’ Alliance report reveals that eight taxpayer funded, council owned energy firms have lost a combined total of £114,022,019 over four years. This is unsurprisingly what happens when councils try and run energy companies, shopping centres or anything that would be better run at the risk of the private sector…

Bristol City Council lost the most, an eye-watering £46 million through their energy company BE 2020 limited which is now in liquidation. Nottingham City council lost a staggering £23 million on their inappropriately named company Robin Hood Energy – that works out at taking some £200 out of the pockets of each ratepayer. Portsmouth council’s Victory Energy Supply Ltd is also in administration after losing over £3.2 million. Less than half of council owned energy companies have made any profit in four years…

John O’Connell, chief executive of the Taxpayers’ Alliance, said:

“The rising cost of living is an understandable concern to many households, and the failures of these energy firms leave locals with the double whammy of rocketing bills and council tax hikes. Local authorities must avoid experimenting in the energy market and focus on keeping council tax down.”

Councils should not try to compete with the private sector, they don’t have the skills and they certainly don’t have the right to risk ratepayers money.

mdi-tag-outline Council TaxPayers' Alliance
mdi-timer October 22 2021 @ 12:15 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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