A council-owned energy firm is being sold off by the local authority after posting huge losses.
Bristol City Council, which owns supplier Bristol Energy, said the decision was made at a cabinet meeting.
The energy company was founded in 2015, but has soaked up 拢35million of council tax payers鈥 money and posted losses of 拢32.5million, accounts show.
Earlier this year, the council appointed professional services firm Ernst and Young to carry out an assessment of Bristol Energy's structure and future business viability.
The council said selling the company would 鈥減revent any further investment鈥 than already agreed.
Bristol Mayor Marvin Rees said: 鈥淓stablishing an energy company was always a high risk for the council, and one which has brought continued challenges.
鈥淭he energy market is dominated by well-established far larger energy providers. Having inherited a failing company where 拢15million had already been spent or earmarked for spend, we were faced with a choice.
鈥淲e could have closed the company then or tried to develop a business strategy that would succeed, both in tackling fuel poverty in Bristol and delivering a financial return for the city. This proved to be impossible in such a volatile market place.
鈥淲e have tried to work in the best interests of the city and Bristol Energy customers, but been unable to divulge the challenge we were tackling as this would have further disadvantaged us against competitors.鈥
Craig Cheney, deputy mayor and cabinet lead for companies, added: 鈥淪elling Bristol Energy is in the best interests for the council and city tax payers.鈥
According to the BBC, opposition councillors called for an inquiry into the energy firm last month, describing it as a "dead weight" on council finances
