Martin Ford 03 June 2020

Council to sell Bristol Energy

Bristol City Council has given the go-ahead to put its loss-making energy company up for sale.

Mayor Marvin Rees said Bristol Energy has faced ‘unprecedented challenges’ since it was established by his predecessor in 2015 and no more funds would be invested.

The sale was agreed in a closed session and follows a confidential council-commissioned report by Ernst & Young.

Mr Rees said: ‘We have tried to work in the best interests of the city and Bristol Energy customers, but been unable to divulge the challenge we were tackling as this would have further disadvantaged us against competitors.’

The company has posted losses of £32.5m, despite the council committing £36.5m, prompting demands for an inquiry from opposition parties last week.

Following yesterday’s meeting, Conservative opposition leader Cllr Mark Weston said: ‘If we are very lucky then no more money will be wasted, but I fear even in winding up the company there will be additional costs.

‘There is certainly no chance of us getting back the tens of millions already sunk into this failed venture.’

Cabinet lead for companies, Cllr Craig Cheney, said: ‘We have worked tirelessly to try and turn the company into something that is not only profitable but also offers more to citizens in terms of social benefit as this was always the vision when we took it on.’

Bristol’s move follows the attempted sale of Portsmouth City Council’s Victory Energy, which failed to attract a buyer.

Last month, Nottingham City Council reported its venture, Robin Hood Energy, had made a £23m loss and has appointed accountants to review the company.

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Occupational Therapist (Grenfell Education Hub)

The Royal Borough of Kensington & Chelsea Council
Negotiable
Opening up the world to young people - so they can get the best out of it, and themselves.This role sits at the centre of a community deeply impacted England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Director of Finance and Property Services

West Lothian Council
Up to £142,600
Nestled in the heart of Scotland, West Lothian is a vibrant region Livingston, West Lothian
Recuriter: West Lothian Council

Educational Psychologist (Grenfell Education Hub)

The Royal Borough of Kensington & Chelsea Council
Negotiable
Support the North Kensington community to rebuild, aspire and shape futures beyond tragedy.As an Educational Psychologist in the Grenfell Education Te England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Stock Condition Surveyor - Basildon Borough Council

Essex County Council
£18.0900 - £19.9600 per hour
Stock Condition SurveyorBasildon, Essex£18.02 per hour PAYE / £23.11 UmbrellaFull-Time, Temporary Contract - up to 6 months36.25 hours per week Essex England, Essex, Basildon
Recuriter: Essex County Council

Enhanced Teaching Assistant (SEN)

Durham County Council
£27,269 - £30,060 pro rata
Enhanced Teaching Assistant  (SEN) Grade 6  £27,269 - £30,060 pro rata Permanent Full Time, Term Time Only + 2 Weeks Required as soon as possible Thi Stanley
Recuriter: Durham County Council
Linkedin Banner