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 £35million of council tax payers’ money and posted losses of £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 “prevent any further investment” than already agreed.
Bristol Mayor Marvin Rees said: “Establishing an energy company was always a high risk for the council, and one which has brought continued challenges.
“The energy market is dominated by well-established far larger energy providers. Having inherited a failing company where £15million had already been spent or earmarked for spend, we were faced with a choice.
“We 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.
“We 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.”
Craig Cheney, deputy mayor and cabinet lead for companies, added: “Selling Bristol Energy is in the best interests for the council and city tax payers.”
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
