Robin Hood Energy posts operating surplus

Robin Hood Energy, the Nottingham-based local authority owned energy company, has reported an operating surplus of £202,000 in its third year of trading.

The company says the surplus will be used to voluntarily enter arrangements to offer the Warm Home Discount for older people and people on low incomes.

Having launched in September 2015, Robin Hood Energy became the first local authority-owned, not for profit, energy company.

The company now has over 115,000 customers and has recently been independently valued at around £30m.

Set up with the aim of tackling fuel poverty, Robin Hood Energy says it will use its strengthened trading position to help those most vulnerable and ensure Nottingham residents benefit from the company’s best rates.

Councillor Steve Battlemuch, chairman of Robin Hood Energy, said: “We are pleased to have
officially made an operating surplus within 3 years of trading. It’s a big achievement given
that most energy companies take at least 5 years to get to this stage.

“As the first publicly-owned, not-for-profit energy company, we will use our strengthened position to support vulnerable people, tackle fuel poverty and help protect the planet. We’ll do this by offering the Warm Home Discount, protecting prices for Nottingham prepayment customers and switching our electricity to go green.

“I genuinely believe Robin Hood Energy is proof that a new generation of ethical, publicly owned companies can offer an alternative to the Big Six – together we can revolutionise the energy market.”