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Note: Please note that this is a replacement agenda following permission given from a third party that this report can be published and there is no recommendation to move into exempt session.
Apologies for Absence
Declarations of Interests
Forward Plan Omission
The Victory Energy Supply Limited - Expert Review of Business Case report by the Director of Finance was omitted from the Forward Plan covering August 2018 published on 16 July 2018 The Chair of the City Council's Scrutiny Management Panel has been notified and a public notice published.
(1) the omission to the Forward Plan for August 2018 be noted and
(2) that publication of the omission notice be noted
(1) the omission to the Forward Plan for August 2018 was noted and
(2) that publication of the omission notice was noted
The report that was to follow was published on 6 August.
To consider the expert reviews and due diligence that has been provided on the Revised Business Case for Victory Energy Supply Limited and consider the options available to the Council.
Recommended that the Cabinet consider the options set out below, taking proper account of the potential risks and rewards, and determine which option should proceed:
Option 1 - To continue the Council's investment into Victory Energy Supply Limited under the current governance arrangements described in the Cabinet Report of the 29July 2017.
Option 2 - Cease investment into Victory Energy Supply Limited.
Option 3 - Continue the investment into the company, exercising robust oversight and governance with funding for each year subject to the approval by PCC of the company's Business Plan for the forthcoming year.
Option 4 - Seek to enter into a "White Label" agreement with an existing fully licensed energy supplier.
The Cabinet considered the options set out in the report, taking account of the potential risks and rewards, and determined that:
(1) Option 4 should proceed, i.e. to seek to enter into a "White Label" agreement with an existing fully licensed energy supplier;
(2) external support be sought to enable the Council to cease its investment in Victory Energy Supply Limited (VESL) at the lowest overall cost;
(3) any solar PV contracts entered into by VESL continue to be honoured by the Council;
(4) the Council develops a comprehensive campaign for tackling fuel
poverty and looks to resume the promotion of PCC's energy saving website;
(5) an Outline Business Case be brought forward by the Council's in-house Energy Savings Team to re-evaluate commercial opportunities (previously approved by Cabinet 8 December 2016).