Nottingham’s Not-For-Profit Robin Hood Energy Aims For Power For The People
What might be the most appropriately named utility in the country, Nottingham’s Robin Hood Energy, is bringing a not-for-profit model to the UK city which could save participants up to £237 a year each on their utility bills.
Robin Hood Energy, which is the first local council-owned energy company to be run on a not-for-profit basis since the UK’s energy market was nationalized in 1948, is supplying energy generated from the Nottingham city incinerator, solar panels, and “waste food plants,” as well as through gas and electricity bought from the open market, according to the Guardian. The company currently provides “low tariff” energy to homes in England, Wales, and Scotland, and will be providing energy services to businesses in the near future.
“Our ambition is to help reduce fuel poverty and provide energy at as low a tariff as possible. We know that we can help low-income families who struggle financially to save significant sums of money on their energy bills.”
According to UK comparison site Which?, Robin Hood Energy is ranked number four in a list of the top five cheapest energy suppliers, although with the caveat that its most competitive price tier, Robin Hood Energy Nottingham, “is only available to customers living in the East Midlands region.”
While not exactly following the purported creed of the outlaw Robin Hood from folklore, “robbing from the rich and giving to the poor,” the new utility aims to be run “for the people” and could serve to increase energy supplier competition and potentially encourage other suppliers to bring prices down.
“In recent years, the cost of utility bills has spiralled as the profit-hungry ‘big six’ energy companies have exploited their monopoly. We have decided to take the bold step of setting up Robin Hood Energy so that energy can be provided to customers across Nottingham and beyond at the lowest possible price, run not for profit, but for people.” – Alan Clark, Nottingham city council
Energy Linx states that one of the main differences in the way Robin Hood Energy operates is the financial setup:
“What does make Robin Hood Energy different from other larger suppliers is that there will be no private shareholders and no director bonuses. The money that Robin Hood Energy makes from supplying energy will be used to cover their overheads and any excess cash will be pumped back into the system to try and improve savings.”
Robin Hood Energy offers monthly billing, no contracts or exit fees, and “hassle-free” switching for new customers.
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Best idea I have heard for a long time,would be fantastic if it’s successful and other councils take it up.
Thanks for posting it up.