Bristol City Council agrees to sell Bristol Energy

bristol city council agrees to sell bristol energy - Bristol City Council agrees to sell Bristol EnergyImage copyright Bristol Energy
Image caption Bristol Energy has so far received more than £30m in taxpayers’ money

A council-owned energy company which has posted losses of more than £30m is to be sold.

The BBC understands Bristol City Council agreed to sell Bristol Energy during an exempt section of a cabinet meeting earlier.

Opposition councillors last month called for an inquiry into the energy firm and described it as a “dead weight” on council finances.

At that time Mayor Marvin Rees said it would be “unwise” to sell the company.

The council invested £35m into Bristol Energy, which was set up in 2015, but it has so far posted losses of £32.5m.

The sale comes after a recommendation from accountancy firm Ernst and Young, which was commissioned to write a report about the energy company’s finances.

The Local Democracy Reporting Service said an audit committee meeting last week was told changing market conditions and the pandemic were expected to wipe up to £7m off Bristol Energy’s value.

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