Together Energy Accounting

The Liberal Democrats are critical of the way Together Energy is making out it is in profit when it is not.

Right from the start we have been critical of the Council's investment in this company. You cannot argue with the aims of the partnership being to address the climate emergency, tackle fuel poverty and create job opportunities in the town particularly for young disadvantaged people. The other aim is to generate income for the Council but this has not yet happened.

The issue is whether a Council should be making investments of this nature. Investments in energy companies by other local authorities like Nottingham, Bristol and Portsmouth, have gone badly. The Council always claims this investment is different because it is investing in a company with expertise rather than setting up a company from scratch. We are not convinced. There is also the mixed record of customer satisfaction with Trust Pilot giving a 55% 'bad' rating.

For the company to claim it was in profit for the financial year to October 2020 is downright misleading. There may have been a surplus of £1.6m before 'interest, taxes, depreciation and amortisation' but the true figure after these deductions is a loss of nearly £4m. For a representative of the company to claim this is a 'significant profit achievement' is simply not acceptable.

Together Energy is an energy company based in Scotland in which Warrington Council has a 50% stake. It also has an office in Warrington.