Entrepreneur launches Leeds “challenger” energy company
ENTREPRENEUR Peter Connolly has launched a “challenger” energy company in Leeds to take on the Big Six utility giants.
Mr Connolly, chairman of regeneration company the Yorkshire Design Group, has launched MME, to supply energy to households and businesses. He said the firm was concentrating on a soft launch to comply with Ofgem rules.
The new technology business is partnering with YPO, the Yorkshire-based purchasing organisation which buys goods and services (including gas and electricity) on behalf of more than 40 local authorities. MME already has an IT team set up and is currently negotiating with further partners for the venture.
In August 2016, MME obtained a licence for trading gas and electricity, allowing it to buy direct from the wholesale energy markets. It will offer smart meters and cloud-based software.
The partnership will generate profits for members in the form of a “mutual dividend” to reinvest in their communities and help fund regeneration projects.
Mr Connolly, who was involved in the regeneration of The Calls and South Bank and founded one of the first internet companies, hosted conferencing firm UK Web, in 1995, said: “We will be owned by our partners and be fair for all of our customers. The energy industry is one of the least trusted sectors in Britain and it is easy to see why.
“The cost of energy on your bill is between 30-40%.The rest is charges and overheads.
“We will be operating with new technology, lower costs and without the legacy IT systems of the Big Six, which are largely owned by foreign governments and investors.
“We will be cheaper, better and locally owned and we will create and support local jobs.”
MME has appointed Annie Faulder as chief executive. She is an experienced interim executive at local authority and NHS organisations.
Simon Hill, managing director of Wakefield-based YPO, said: “YPO has been helping local authorities buy their own energy requirements competitively for many years.
“Those authorities are now interested in using that buying power for the benefit of their council tax payers and it makes sense for YPO to assist in this new initiative as well.
“As a successful commercial organisation, operating within the public sector, we are ideally placed to do so.”
