The Nottingham City Council-owned company Robin Hood has confirmed it made an operating surplus, three years after it started trading.
The company has announced that its accounts have been independently audited to verify a trading surplus of £202,000.
This will be used to voluntarily enter arrangements to offer the Warm Home Discount for older people and people on low incomes.
Robin Hood Energy borrowed £20million from Nottingham City Council in capital funding to help set up the company three years ago.
Within three years of trading the company has acquired over 115,000 customers and has recently been independently valued at around £30million – well in excess of the council’s original investment.
Set up with the aim of tackling fuel poverty, Robin Hood Energy said it will use its strengthened trading position to help those most vulnerable and ensure Nottingham residents benefit from the company’s best rates.
‘We are pleased to have officially made an operating surplus within three years of trading,’ said Robin Hood Energy chairman, Cllr Steve Battlemuch.
‘It’s a big achievement given that most energy companies take at least five years to get to this stage.
‘As the first publicly-owned, not-for-profit energy company, we will use our strengthened position to support vulnerable people, tackle fuel poverty and help protect the planet. We’ll do this by offering the Warm Home Discount, protecting prices for Nottingham prepayment customers and switching our electricity to go green.
‘I genuinely believe Robin Hood Energy is proof that a new generation of ethical, publicly owned companies can offer an alternative to the Big Six – together we can revolutionise the energy market!’