Council to invest £58m in energy company
ENFIELD Council has approved a £58m investment in its own energy company, making it one of the first London boroughs to set one up.
Energetik will develop, own and operate a series of community energy networks to supply low carbon heat and hot water to more than 15,000 homes and businesses across Enfield and beyond. The network could eventually expand to cover twice as many properties.
The council's investment will be supplemented by the company's own income, with Energetik's business plan funding the capital balance, bringing the total up to £85m over the next 40 years.
Energetik has been supported by external investors as part of an £80m loan to secure Enfield's strategic infrastructure. The council was the first UK local authority to secure back-to-back loans from the European Investment Bank and London Energy Efficiency Fund worth £12m.
"Energetik is a groundbreaking venture which will return £225m of economic, environmental and social benefits to residents and businesses in Enfield and the wider community," said Cllr Alan Sitkin, cabinet member for economic regeneration and business.
"The heat networks are designed to expand, with capacity to double the number of homes and businesses receiving heating and hot water across North London."
Four shared energy centres at Meridian Water, Arnos Grove, Ponders End and Oakwood will supply the heat and hot water through a network of highly insulated pipes.
Heat networks are already in use in cities including Sheffield, Nottingham, Birmingham and Southampton. One of the largest new networks is in the Olympic Village in east London.