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MORE than £1m of taxpayers' money could be lost if a council-owned energy company is scrapped before it evens begins operating.

Victory Energy was set up during the city's Tory administration with a view to generate income for the council of around £2m a year.

But now the council's Lib Dem leader, Cllr Gerard Vernon-Jackson, has concerns about the company has tasked PricewaterhouseCoopers(PwC) with reviewing its profitability.

It is estimated that Victory will require a £12m loan from the council to get going.

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Portsmouth Evening News

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