The executive at Isle of Wight Council is considering whether to invest in the establishment of a local energy company.
On 6th January the Isle of Wight County Press reported that the council had been given a proposal for the development of the company which would supply energy to businesses and households. It would be a joint venture alongside Community Energy Exchange Holdings, which already holds electricity and gas supply licenses.
If the council did decide to invest they would be given a 49% stake in the company and initial assessments have suggested that it could deliver a revenue stream of more than £300,000.
The council will now further consider the opportunity to invest in a community Energy Exchange on the island.