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A new not for profit energy supplier formed by 35 social landlords is launching into the market at the end of 2015 with the aim of saving members 10 per cent on their energy bills.
Our Power Energy says it will be the first supplier in the UK to operate on a non-profit distribution basis, and it will sell heat and power to tenants in 200,000 homes of its member organisations in Scotland by 2020.
The supplier, which is a subsidiary of Our Power Community Benefit Society, is being backed by £2.5 million from the Scottish Government and £1 million from Social Investment Scotland, both in the form of repayable loans.
Our Power says it expects to save its members, which include some of Scotland’s largest housing associations and local authorities, up to £11 million over the next five years.
In the future the supplier says it hopes to expand its business to include developing renewable energy projects for the benefit of local communities.
On the launch of Our Power, Scottish social justice secretary Alex Neil said: “Fuel poverty is at its highest level in a decade with fuel prices having risen by an inflation-busting seven per cent between 2012 and 2013.”
“That is why the Scottish Government has invested £2.5 million in Our Power. It will be the first independent and fully licensed energy supply company registered as a non-profit distributing organisation owned by its members.
“This ground breaking company will make a real difference to tens of thousands of low income households who are currently disadvantaged in the energy market and struggling to pay their bills.”
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