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Liverpool Echo
Liverpool Echo
National
Aran Dhillon & Dan Haygarth

Council could face £18m loss after failed energy investment

Orsted Tel

A failed investment could expose Warrington Borough Council to a potential loss of £18m.

The council owned a 50% stake in Together Energy, which announced it was to cease trading in January. A report to the audit and corporate governance committee for a meeting last week stated that Together Energy was placed into administration due to ‘volatility and challenges in the European energy markets’.

At the time of going into administration, the council faced a potential liability of £66.17 million – consisting of a £29.32 million Orsted guarantee, £18.85 million of loans and £18 million of preference share capital. The report also stated that Together Energy Limited (TEL) was a ‘well hedged’ company, reports CheshireLive.

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