A new Penarth-based ‘independent’ energy company “One Wales Energy” – which aims to supply electricity and gas to customers across Wales – is hoping to attract share-investment from private investors in the town.
The firm has been set up by two entrepreneurs Jude Cook and Jon Townend – and the company has set itself the the ambitious – not to say challenging – aim of capturing 10% of the energy market in Wales by 2023.
Ms Cook and Mr Townend have already raised the initial start-up capital required, they have the necessary OFGEM licence – permitting them to market energy in Wales, England and Scotland – and they’re now hoping to raise a further £700,000 from local shareholders prior to launching in 2018.
They say One Wales Energy will “offer customers competitive tariffs, no-hassle switching and a Wales-based bilingual customer contact centre”.
One Wales Energy is being described as a “profit with purpose” business – meaning it will be a “conventional profit-making business” but will also have a “commitment to supporting social and environmental benefits across Wales.”
It proposes to pay organisations who persuade people to sign-up as customers “referral and retention fees” .
One Wales Energy Ltd was originally called Hyde Park Energy but changed its name in May and now has its registered office in Bridgend. However the holding company – One Wales Energy Holdings Ltd – is based at 53 Althorp Drive, Penarth.
Jude Cook claims that most of the money customers currently spend on energy leaves Wales because there’s no indigenous Welsh power company [ SWALEC is now just a trading name of Scottish and Southern Electricity; MANWEB was taken over ultimately by the Spanish utility company IBERDROLA and WALES GAS was merged into British Gas when it was denationalised].
Jon Townend says One Wales Energy will offer “an opportunity for the people of Wales to become their own energy supplier”
The firm is to hold an investor session at Evenlode Primary School on July 10th at 19:00.
There will be further sessions on 11th July at 19:00 at Cardiff Golf Club, Cyncoed, Cardiff and on 13th July at 19:00 at the Chapter Arts Centre, Canton, Cardiff.