THE first council-owned not-for-profit energy firm has been set up to tackle Big Six profiteers who are out to fleece customers, Nottingham announced yesterday.

Robin Hood Energy (RHE) has been set up by Nottingham City Council as the first gas and electricity firm wholly owned by a local authority since the market was nationalised in 1948.

The Labour-run council will generate energy from the city’s incinerator and waste food plants and by using solar panels, as well as buying in gas and electricity on the wholesale market.

“In recent years, the cost of utility bills has spiralled as the profit-hungry Big Six energy companies have exploited their monopoly,” said Councillor for Energy and Sustainability Alan Clark.

“We have decided to take the bold step of setting up RHE so that energy can be provided to customers across Nottingham and beyond at the lowest possible price, run not for profit, but for people.”

Households in England, Scotland and Wales can switch to RHE, but residents of ­Nottingham are able to sign up to a cheaper exclusive tariff.

They can also expect to save around £237 a year on energy, based on average savings predicted for customers who switched during a “controlled market entry phase,” according to RHE.

The company directors do not get a salary and will not receive bonuses, RHE claims.

Only two firms out of the Big Six energy suppliers are registered in Britain — British Gas and SSE. The other four are owned by French, German and Spanish companies.