Will the Isle of Wight have its own local energy provider? That is one of the topics due to be discussed at the Isle of Wight Council Executive meeting tomorrow (Thursday).
The local authority, in partnership with energy supplier, Community Energy Exchange Limited will be looking to invest more than £200,000 to create IOWEnergyCo.
The idea comes after a recent report from the University of Leeds, suggests that local supply arrangements could help to retain the value of energy with local communities.
The Isle of Wight Council believes it could provide a revenue of over £300,000 from year five onwards, as well as supplying cheaper energy, potentially reducing fuel poverty on the Island and creating new jobs for local people.