Together Energy announced it was to cease trading immediately in January 2022.
The council owned a 50 per cent stake in Together Energy after initially investing £18million in September 2019. It had also given a loan to the company.
An update has been provided in a report – the quarter two review of non-treasury investments – which will come before the council’s cabinet on Monday, January 13.
The report highlights that it has been council policy ‘over the last few years’ to invest in non-treasury management investments for ‘policy and investment purposes’.
In the report, it says: “The administration of Together Energy is nearing completion with settlement expected to be finalised by June 2025.”
It was reported in August that uncertainty continues to surround the fate of £18 million the council invested into the energy firm which collapsed.
At the time, the council was asked if it knows how much money it will get back from this investment.
“The exact amount is currently in the process of being finalised with the administrator,” said a spokesman.
“We will provide an update as soon as we know what the likely final position will be.”
Asked if it is confident there will be no impact to residents as a result of any losses from this investment, the spokesman said: “Yes, any potential losses are already factored into the council’s budget.”