Published: 2nd Sep 2019

Portsmouth City Council has announced it is finally pulling the plug on Victory Energy, after it failed to find a buyer for the company. The local authority has confirmed that ‘preparations are now being made to close down the company’, which has never traded or had any customers. Victory Energy was first launched in 2017 by the-then Conservative administration with the aim of providing residents with low-cost renewable electricity and to generate money for the council. But the following year, a new Liberal Democrat administration decided to cut its losses and not proceed with the venture. A report by PwC into the business case for Victory Energy, which was published in August 2018 concluded it could require up to £15.2m of taxpayers money to get up and running and warned it would not be able to pay it back for up to eight years. Speaking last year, the new Liberal Democrat leader … (To read the full article, subscribe below)