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Scottish Energy Companies

The taxpayer has lost almost all of the £10 million invested in a not-for-profit energy company, which was backed by the SNP government. Our Power collapsed in January 2019 even though three loans, totalling £9.8 million of public money, were approved by ministers. Only £600,000 has been recouped from the administrators. In 2017 Nicola Sturgeon pledged to establish a new not-for-profit energy company by 2021, which she has not done. The SNP’s election manifesto restated the pledge, saying that “whilst work on a planned publicly owned energy company was halted during the pandemic, we will now refocus our efforts on a new dedicated national public energy agency”. Willie Rennie, the Scottish Liberal Democrat leader, accused ministers of being “oblivious” to the problems that led to the government losing 94 per cent of its investment. “Two years later they still haven’t even conducted a review of the investment to find out why they lost millions — despite Nicola Sturgeon announcing plans to mirror and scale up the not-for-profit energy company model,” he said. “It’s negligent beyond belief. The SNP have racked up high-profile high-value losses at BiFab, Prestwick, Fergusons, Lochaber and now Our Power.”

Times 3rd May 2021 read more »

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