Published: 24th Oct 2018

Hackney Council are the latest local authority to announce they will be setting up their own energy company. The plans, which have been approved by the council’s cabinet, will utilise 50% of the council’s residential roof space by covering them with solar panels. The council estimate 9,700 households in Hackney suffer from fuel poverty, and they believe a publicly-owned energy company will put them in a stronger position to make ‘strategic decisions’ in order to assist vulnerable residents. They add the company aims to ‘go beyond’ other council-owned energy companies such as Robin Hood Energy in Nottingham, by ensuring that financial risk is limited. In August, Portsmouth City Council abandoned plans to create its own energy company called Victory Energy after the new administration decided to cut its losses and not proceed with the venture. A report by PwC into the business case for Victory Energy concluded it could require up to £15.2m of taxpayers … (To read the full article, subscribe below)