Purpose

Decisions by the Council on the future arrangements of TEL.

Decision

The Executive Resolved

That (i)   the Council enter into arrangements with ThamesWey Energy Limited and Victoria Square Woking Limited (as required) to establish governance, continuity and operational oversight arrangements relating to the district energy network;

        (ii)  authority be delegated to the Chief Executive, in consultation with the Section 151 Officer and Monitoring Officer, to finalise and enter into all necessary agreements and documentation required to implement the above decisions;

        (iii)  authority be delegated to the Section 151 Officer in consultation with the Finance Commissioner and Portfolio Holder for Finance, to agree any financial arrangements which may be required;

        (iv) the acquisition of the shareholding of ThamesWey Limited in ThamesWey Energy Limited by the Council for £1 be approved;

        (v)  the recommendations from the Resource and Finance Scrutiny Committee held on 9 June 2026 be accepted; and

The Executive Recommended to Council

That (vi) following the acquisition of the shares of ThamesWey Limited in ThamesWey Energy Limited by the Council, a debt-for-equity conversion in relation to ThamesWey Energy Limited is approved in order to strengthen the company’s balance sheet position and long-term operational viability.

Reason:  To implement revised governance frameworks relating to ThamesWey Energy Limited and the Victoria Square district energy network in support of the disposal of the Victoria Square estate.  The proposed arrangements are intended to provide a credible long-term continuity and governance framework for the TEL network, support the disposal and marketability of Victoria Square, provide assurance to prospective purchasers regarding energy supply continuity, simplify the ownership structure of TEL, and promote the long-term operational viability of TEL.