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‘Bristol Energy is at a turning point’
Bristol’s deputy mayor has backed the council’s loss-making energy company, arguing it has the potential to deliver “significant positive social and environmental impacts”.
News that Bristol Energy posted a loss of £11.2m for the for the 2017/18 financial year represented another blow to the firm in the wake of a “tough 12 months”.
The company, which is wholly owned by Bristol City Council, has responded by highlighting the turnover for the same period, which has almost quadrupled from £13.6m to £52.4m, and a growth in customer numbers.
is needed now More than ever
The council has invested around £27m in it to date, prompting some to question the continued support. Tim Kent, a Lib Dem councillor for Hengrove and Whitchurch, branded the situation “the largest financial mess in the history of the council” via Twitter.
But Craig Cheney, deputy mayor and head of finance for the council, reiterated a commitment to the principles of the company that was launched in 2016 as a “force for good in the city”.
Craig Cheney says the Bristol Energy is at a turning point
“One of the primary reasons for setting up the company was to deliver social impacts such as fighting fuel poverty, supporting transitions to cleaner energy and being part of Bristol’s ambition of being a carbon neutral city,” said Cheney.
“From the solid base the company has established, delivering a growth in residential customers on supply by over 62,000 in 12 months, we believe Bristol Energy is at a turning point where it can now begin to play a greater role in the city’s journey towards a carbon neutral future.
“The support we have provided to date reflects the commitment we have to the company’s founding principles and the belief we have that the company has the potential to deliver significant positive social and environmental impacts.
“Over the current financial year we are seeing the business grow, attracting more customers and creating more jobs in the city.
“Our 2018/19 investment is in line with the council’s financial plan and the next iteration of Bristol Energy’s business case will be considered by the council’s cabinet in March 2019.”
The council dropped Bristol Energy as its supplier in favour of one of the “Big Six” companies last year following a procurement process.
Responding to the publication of accounts on Friday, a spokeswoman for Bristol Energy said: “We’re building an energy business that continues to deliver social value in our home city of Bristol while delivering value and choice for customers across the UK.
“We’re redefining the company, to enable a business model which will deliver a variety of projects aimed at providing sustainable and resilient energy platforms for the city.
“This aligns with the founding principles of the company to help people in our local communities while supporting Bristol in achieving our shared ambition of becoming a carbon neutral city.”
Read more: Bristol Energy reports £11.2m loss
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