Energy for Londoners - budget

Meeting:

Mayor's Question Time

Date:

Wednesday, 19 October 2016

Reference:

Question 2016/3666

Main question

Caroline Russell

Bristol City Council allocated £1.5m (£0.5m of which is contingency funding) to establish the Bristol Energy Company and Nottingham City Council invested a similar sum, around £1m in setting up Robin Hood Energy. What initial budget has been allocated for the setting up of your proposed fully licensed energy supply company 'Energy for Londoners'? Could you also include details of any budget allocated for 2017/18 and 2018/19?


Answer

The Mayor

My officers have been speaking regularly to colleagues in Bristol and Nottingham, as well as others in the industry, about their experiences of setting up fully licensed energy companies.

In addition to feasibility and business modelling work, these discussions will inform forthcoming budget allocations for Energy for Londoners.

For this financial year officers have made an allocation of £120,000 for initial research and feasibility, and legal advice.