D-Day for Victory Energy as councillors mull company’s future

A DECISION on the future of council-owned utilities firm Victory Energy will be made next week.

Between £1.5m-£3.5m worth of investment could be lost if the plug is pulled on the company, set up in a joint venture with Portsmouth City Council and former SSE executive Daniel O'Hara.

Portsmouth City Council's Victory Energy company may yet be resurrected - even though there are claims it could lose the council money Picture: Andrew Milligan/PA Wire

Portsmouth City Council's Victory Energy company may yet be resurrected - even though there are claims it could lose the council money Picture: Andrew Milligan/PA Wire

The News revealed Mr O'Hara had been paid £270,000 between May 2017 and September this year - with other staff and consultants paid more than £1m.

READ MORE: Revealed: Portsmouth City Council paid £750,000 to staff at taxpayer-owned energy firm 

Victory Energy Supply Limited was set up under the previous council administration, led by Councillor Donna Jones.

But it was axed in August under council leader Lib Dem Gerald Vernon-Jackson after he returned to power in May this year.

The company is being reviewed after the decision to stop it running was called in by Labour and Conservative councillors.

Now on November 27 a specially-held cabinet will give councillors a chance to reverse or affirm the decision to stop the company.

A full report ahead of the meeting has not yet been released.

Councillors are set to hear information about the social and financial consequences if the company ran the warm homes discount before it had to do so by law. Currently only energy firms with 150,000 customers have to run the discount.