Robin Hood Energy has announced it has made an operating surplus in its third year of trading. The company accounts, submitted to Companies House, have been independently audited to verify a trading surplus of £202,000. This surplus will be used to voluntarily enter arrangements to offer the Warm Home Discount for older people and people on low incomes.

Robin Hood Energy, wholly owned by Nottingham City Council, borrowed £20million in capital funding to help set up the company. This investment was made as a loan at commercial rates in compliance with EU state aid regulations. The Council receive interest on their investment that more than covers its borrowing costs.

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 says it will now: voluntarily offer the Warm Home Discount, protect tariff rates for Nottingham City prepayment customers and switch its electricity supplies to UK-based wind and solar. 

Cllr Steve Battlemuch, Chairman of Robin Hood Energy, said: “We are pleased to have officially made an operating surplus within three years of trading. It’s a big achievement given that most energy companies take at least five years to get to this stage.”