Robin Hood Energy has today announced it has made an operating surplus in its third year of trading. The company accounts, submitted to Companies House, have been independently audited to verify a trading surplus of £202,000. The surplus will be used to voluntarily enter arrangements to offer the Warm Home Discount for older people and people on low incomes.
Robin Hood Energy, wholly owned by Nottingham City Council, borrowed £20million in capital funding to help set up the company. This investment was made as a loan at commercial rates in compliance with EU state aide regulations. The Council receive interest on their investment that more than covers its borrowing costs.
Having launched in September 2015, Robin Hood Energy became the first local authority owned, not for profit, energy company and have gone from strength to strength ever since.
The leader of Nottingham City Council, Cllr Jon Collins has welcomed this news. He said: “It’s good to see Robin Hood Energy has reached this financial positon so quickly and well ahead of similar start-up energy companies.
“Setting up a local energy company, at no cost to council tax payers, has been a key Council priority. It has disrupted the energy market by challenging the Big Six and helping to tackle fuel poverty.
“The company is already in a position to begin paying back their start-up loan from us and the most recent valuation shows the company is already worth twice the Council’s original investment.
“Add to that a cheaper prepayment tariffs, discounted for Nottingham citizens, and it’s clear to anyone that Robin Hood Energy is delivering a good deal for Nottingham.
“I look forward to seeing the company continue to go from strength to strength.”
Read the full story from Robin Hood Energy here – https://robinhoodenergy.co.uk/news/robin-hood-energy-confirm-trading-surplus/
You can hear from the Chair of Robin Hood Energy, Steve Battlemuch below –
https://www.youtube.com/watch?v=R9vLyWMd12Y