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Mongoose Energy To Launch Community-owned Energy Supply Business
- Published: Thursday, 21 April 2016 08:04
The community energy company Mongoose has announced it will launch an energy supply business, opening to customers before the end of the year.
The launch will see Mongoose become the UK’s first supply company that is majority owned by community energy groups.
JW Bode, CEO of Mongoose said: “This is a first for a UK energy company and, with the majority of our profits going back into the community groups, I believe this has the potential to transform the nature of energy ownership in the UK.”
Mongoose’s supply business will be run in partnership with community energy groups across the country. These locally-run community benefit companies return their profits back into their communities and keep the environmental, social and financial benefits of renewable electricity where they belong.
“The rise of community energy means that energy generation can be used to bring about positive social change and Mongoose groups are all signed up to this philosophy. We see this as the future for the UK, with profits being retained within the community to re-invest in socially and environmentally beneficial projects that meet community needs,” said Peter Capener chair of Bath and West Community Energy, which founded Mongoose in 2015.
The new supply business will source its electricity from renewable sources and will have a competitively priced range of tariffs for its customers.
Mongoose’s generation business helps community groups establish, fund, launch and effectively manage renewable energy projects. Its team has an unrivalled level of experience in developing communityenergy generation projects that run profitably amidst the increasingly challenging legislative framework.
Launched in April 2015, the company currently has 34MW of capacity under management services, forecast to generate 33,946MWh* of energy annually – enough to power c.11,000 homes**. It has a further 30MW of capacity in the pipeline, forecast to generate 30,334MWh* annually enough to power c.10,000 homes**.
A key objective for Mongoose is also to bring more well funded, and successfully run community energy projects into existence. It is actively working with new community energy groups.
Mongoose Energy Supply will announce its launch tariffs during Q3 2016. It will also announce its full management team during Q2 2016.
* Annual output is calculated using the specific yield (kWh/kWp) which is based on irradiation data and performance ratios at each site.
**Annual output is divided by the Ofgem’s Typical Domestic Consumption Values (TDCVs) to give number of domestic homes powered.