10:00, 15th February 2017
Council's ambitious plans to run energy firm secures £58m backing
AN ENERGY company set up to fight climate change and ’revolutionise’ north London’s energy future has been given £58m by Enfield Council.
The council has created its own energy firm to supply heat and water to more than 15,000 homes and businesses in the next four years.
Last week it backed the £85m business plan for the new company – energetik - to develop, and run, four energy networks to supply low carbon heat and hot water.
The council says energetik’s customers will be charged a fair price and get better customer service than a private-sector energy company provides.
Enfield’s £58m will be supplemented by the company’s own income, with energetik’s business operations bringing the total up to £85m over the next 40 years.
Enfield Council’s cabinet member for economic regeneration and business, Cllr Alan Sitkin, said: “Energetik is a ground-breaking venture which will return £225m of economic, environmental and social benefits to residents and businesses.”
That figure is an estimate, over 40 years, of the benefits of cleaner air, fewer carbon emissions and the impact of potential investment the council hopes to reap.
A report on setting up the company says benefits include “delivering a council-owned heat company to underpin the council’s regeneration ambitions; the ability to provide cleaner air; and the benefits of providing state of the art smart metering to customers.”
Energy centres at Meridian Water, Arnos Grove, Ponders End and Oakwood will supply the heat and hot water through a network of insulated pipes. The networks can use waste heat and will be able to adopt future heat technologies.
Jayne Clare, energetik’s managing director said “energetik is using Scandinavian design standards to improve the service and the industry in an unregulated market. We are putting customers’ needs first, before rates of return. We want to revolutionise the local energy market and be the supplier to trust.”
Of the council cash, £12m has come from the European Investment Bank and the London energy efficiency fund.
The first 40 customers, at the Montmorency heat network, are planned to receive heat in early 2017.