The announcement is in a move to tackle fuel poverty, cut carbon emissions and create new jobs in the city.
Officers are currently looking at different models for the creation of a proposed Glasgow Energy Services Company (GLESCo).
Sustainable Glasgow, a major city-wide initiative established to deliver a project programme focused on economy, investment and the environment, has already undertaken green energy projects in the city. This includes the construction of a wind turbine at Cathkin Braes, and the installation of solar panels at St Benedict's Primary School.
Studies have also been carried out to assess the potential of harnessing hydro power on the River Clyde and River Kelvin, and create District Heating networks. In addition, work is continuing to explore ways of using residual heat and electricity from the proposed waste treatment facility at Polmadie.
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The suggested company by Glasgow Council has the potential to be one of the largest in Europe and could be established in partnership with the private sector and see a range of renewable energy initiatives across the city, while its contacts, expertise and financial pull would be used to help attract funding for new community based energy projects. It would also help develop the city's future economic growth and skills development.
The local authority has said it could generate energy, using some of it to power street lights and council buildings such as sports centres, offices and libraries, as well as sell some energy back to the Grid. Profits from the sale could then be put towards tackling fuel poverty by investing in community-owned renewable energy projects or providing vulnerable citizens with affordable warmth dividends to offset their fuel bills.
Councillor Gordon Matheson, Leader of Glasgow City Council and Chair of Sustainable Glasgow, said: "Such a project and potential company could provide social, economic and environmental benefits for the city.
"Last year, the council's energy bill was almost £26million. This scheme could generate significant savings which could be used to help vulnerable city residents struggling to pay their fuel bills.
"Setting up a company could also help protect the council against future energy price rises and jobs would be created as new renewables projects were installed. Glasgow's carbon footprint would also be reduced as more people move to greener energy production through new community projects."
(JP/MH)
