Portsmouth City Council to decide future of Victory Energy

THE future of a Portsmouth City Council-owned energy company will be decided at a cabinet meeting next Friday.

Friday, 3rd August 2018, 9:29 pm
Updated Friday, 3rd August 2018, 9:33 pm

Council leader Cllr Gerald Vernon-Jackson has called the special assembly to determine whether it is financially viable to run Victory Energy.

Although the company has not yet been launched it has already cost taxpayers' £1m, with a further £12m loan required to fully set it up.

Cllr Vernon-Jackson previously voiced concerns that the company would need to sign up more than half of Portmsouth's households just to break even and requested an independent review by PricewaterhouseCoopers (PwC).

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The findings of the report will be revealed on Friday.

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Council could pull the plug on energy company

Cllr Vernon-Jackson said: 'I have been told that decisions about the energy company are a cabinet decision but I have been trying to do more cross-party work in general. So I have set up a briefing on Thursday for all councillors to attend.

'They will have the ability to ask questions about it all then.

'I think there are different options available and it is all around what appetite for risk the councillors have got when using public money.'

Victory Energy was green-lit under the council's previous Tory administration who claimed it could generate up to £2m profit a year.