Mayor Sadiq Khan has made a crucial decision for London’s energy future, to set up Energy for Londoners (EfL), a new not-for-profit energy company for the capital. EfL has the potential to tackle both fuel poverty and climate change while putting power back in Londoners’ hands. But there are fears the plan would be ditched in favour of a “white-label” scheme.
Switched on London commissioned Landman Economics to conduct economic modelling to check the company’s financial viability and implications. Our modelling demonstrates that a fully licensed energy company, supplying direct to consumers, is not just a viable venture, but a profitable one, that would build revenues for and capacity in London, and save Londoners money on their bills. According to our modelling
- The company could make a total of £186.41 million over ten years.
- Energy for Londoners can set its base tariff at £970 per year for an average household dual fuel bill.
- This would save Londoners £159 off the average dual fuel bill.