13 energy companies invested in by local authorities lost a total of £74,106,589 over four years from 2016-17 to 2019-20. These companies were either fully or partially owned by a local authority.
The biggest loss in a single year was 2018-19, when councils lost a combined total of £39,585,046.
The eight council-owned energy companies lost a combined £114,022,019 over the same period.
The total amount of public capital investment committed to energy companies in which local authorities had a financial interest between 2016-17 and 2020-21 was £132,310,960.
https://www.taxpayersalliance.com/council_energy_companies
These massive losses have undoubtedly contributed to the corporate councils declaring bankruptcy. The scandal will not and should not go away. Those individuals involved must be brought to account.
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