A council has apologised after losing millions of pounds of public cash in the collapse of an energy company it started.
Robin Hood Energy (RHE) is shutting with the loss of 230 jobs despite millions poured into it by Nottingham City Council.
British Gas will take on its customer base of thousands of homes in England.
The council said the sale will not make up all its losses, which leaked documents suggest are £38.1 million.
Council leader David Mellen declined to say how much it stands to lose, saying the total from the sale will depend on how many customers switch to British Gas.
However, leaked documents seen by the Local Democracy Reporting Service suggest the taxpayers of Nottingham are out of pocket to the tune of £38.1 million.
The confidential documents show the sale price for the customer base of RHE is estimated by the council to be around £26 million.
The final exact figure will not be known until the transfer of customers to British Gas is complete, but the £38.1 million write-off is the council’s estimate.
via The Global Warming Policy Forum (GWPF)
September 5, 2020 at 03:10AM