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THOUSANDS of pounds will still be poured into Portsmouth City Council’s energy company every week despite a final decision to scrap it.

Lib Dem councillors yesterday voted unanimously to stop investing in Victory Energy – the same decision they made four months ago – on the basis it was ‘too risky’.

But it has been confirmed that the company will still cost £18,000 a week – and its chief executive Daniel O’Hara will be paid £750 a day – as it is marketed for sale.


Portsmouth Evening News

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  • I'd do his job for £500 a day.! Seriously this is a very risky area of business. A lot of small players have dropped out of the market, they never did the market research before they went in. Basically you have to buy energy forward and agree to pay a future price. you then agree to sell at an estimate of you will have to pay for it. get it wrong as many have and unless you have very deep pockets, ( ie £ millions of reserves ) you are doomed )
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