Enfield Council invests £58m in local energy company

Enfield Council has announced it will invest £58 million in the region’s local energy company ‘energetik’, a move which it claims will ‘secure north London’s energy future’.

In a statement, the council said it has approved the £85 million business plan for ‘energetik’ to develop, own and operate a series of community energy networks to supply low carbon heat and hot water to over 15,000 homes and businesses across Enfield and the surrounding areas.

The announcement means the authority is one of the first London boroughs to establish its own energy company.

Commenting on the funding, Cllr Alan Sitkin, Enfield Council's Cabinet Member for Economic Regeneration and Business, said: "energetik is a ground-breaking venture which will return £225 million of economic, environmental and social benefits to residents and businesses in Enfield and the wider community.

"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."