Peo­ple’s En­ergy starts to re­pay crowd­fun­ders

The Scotsman - - Business - By HAN­NAH BURLEY

East Loth­ian-based Peo­ple’s En­ergy is to pay a div­i­dend to 500 of its mem­bers three months ear­lier than planned.

The crowd­funded gas and elec­tric­ity sup­plier, formed in Mus­sel­burgh in 2017 as an al­ter­na­tive to the cor­po­rate model, had sched­uled its first pay-out for March 2019.

How­ever, it an­nounced yes­ter­day that a quar­ter of its 2,000crowd­fun­ders will­now re­ceive a pay­back of free en­ergy worth an av­er­age of £483.

The firm, which sup­plies some 20,000 peo­ple, said it is “con­fi­dent” that prof­its will con­tinue next year, al­low­ing it to share 75 per cent of prof­its with its mem­bers by 2020 as part of its pay­back plan.

Co-founder Karin Sode said: “We are ab­so­lutely de­lighted to be able to start the pay­back to those who had faith in our vi­sion of a peo­ple-pow­ered en­ergy sup­plier and helped crowd­fund the com­pany. We hoped to start our first pay­out by March but busi­ness has been so strong that we are able to hon­our the pledge ear­lier.”

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