Venue: Executive Meeting Room - The Guildhall
Contact: Joanne Wildsmith, Democratic Services Tel 9283 4057 Email: email@example.com
Webcast: View the webcast
Apologies for Absence
Declarations of Interests
Forward Plan Omission
The referral back to Cabinet by the Scrutiny Management Panel of the call-in Victory Energy Supply Limited - Expert Review of Business Case report by the Director of Finance was omitted from the Forward Plan for November 2018 (published 24th October covering that date until 18th January 2019). 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 covering November 2018 be noted and
(2) that publication of the omission notice be noted
The Cabinet noted:
(1) The omission to the Forward plan covering November 2018 and
(2) The publication of the omission notice.
The purpose of the report (published 21 November) by the Director of Finance and Section 151 Officer will be for the Cabinet to re-consider the case for investing in Victory Energy Supply Limited (VESL) following the decision by the Scrutiny Management Panel on 21st September 2018.
The report will focus on all new information that is now available as well as providing clarification to the specific matters raised (i.e. grounds) within the "Call In" of the Victory Energy report considered by the Scrutiny Management Panel on 21st September 2018.
The report also responds to requests that have been made for additional information including a Social Impact Assessment and the financial impact of voluntarily adopting the Warm Homes Discount in advance of reaching the regulatory threshold (150,000 customers).
The Cabinet considered the options set out in the new report and in reconfirming their previous decision, taking account of the potential risks and rewards, 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 and cease investment into Victory Energy Supply Limited
(2) external support be sought to enable the Council to cease its investment in Victory Energy Supply Limited (VESL) and seek to dispose of the Council's interest at the best possible value for the Council and to delegate to S151 and City Solicitor to conclude all of the necessary agreements to facilitate a sale
(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).
(The advice of the City Solicitor and Monitoring Officer is that this decision is not subject to call-in)