Australia’s first community-owned electricity supplier launched after raising $3m

Australia's first community-owned electricity supplier has been launched after raising the $3 million required for it to be listed on the Australian stock exchange.

Enova Community Energy is formed by local residents of Northern Rivers in New South Wales who have raised $3,238,000 which is enough for the company to start retail operations.

Enova forecast that it will start operating in early 2016, when it will purchase renewable energy from the grid and from renewable energy generators to sell to customers.

The company is aiming to eventually compete with large power firms including AGL Energy and Origin Energy, and is looking to establish a not-for-profit organisation that will help to install renewable energy on community and social housing.

Enova chair Alison Crook said that 75 per cent of the 857 shareholders were Northern Rivers community members, which “indicates the high level of local support from the local community”.