Issue - meetings

Consideration has been given to the proposal to change the electricity supplier for residents at Barford and Stretford Courts, from the Council to a new Special Purpose Vehicle and to associated agreements that will be necessary to facilitate this change.

RESOLVED -

(i)

That the transfer the Council’s power customers to a new Special Purpose Vehicle, owned and operated by Emergent Limited be approved.

(ii)

That the entering into contracts and granting of leases to the Special Purpose Vehicle for the relevant property and equipment necessary for the operation and supply of electricity to residents be approved.

(iii)

That the Strategic Director, Corporate Services and Governance be authorised to agree the final terms of contracts and lease agreements between the Council and the Special Purpose Vehicle.

The above decisions have been made for the following reasons:

(A)

To comply with electricity supply agreements in place with customers.

(B)

To ensure the HEIGHTs scheme recovers its operating costs over its lifetime.

(C)

To ensure HEIGHTs customers continue to pay fair and below market prices for their electricity.