Decision details

1. Cabinet approved the 2019/2020-2023/2024 business plan of Bristol Energy Limited, attached as Appendix A2 and Exempt Appendix J1, including the approval of the following in respect of the business plan period:

A. Increasing the total cash funding envelope available for BE from the previously approved £31.3m to £37.7m, to support the core energy supply business (for the avoidance of doubt, this total cash funding includes any funding provided to BE to date).

B. In respect of the total cash funding envelope, delegating to Director of Finance (s 151 Officer) in consultation with the Deputy Mayor for Finance and the Director of Legal and Democratic Services, authority to: (a) agree any phasing of the draw-down and other details of individual funding arrangements, and (b) negotiate, sign and enter into the necessary contract and agreements (including appropriate loans and guarantees in respect of such funding envelope).

2. Cabinet noted that the limit of the parent guarantees and collateral support will remain at previously approved level of £17.6m.