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Who we are Formed from the Stroud based Five Valleys Energy (FiVE) - PowerPoint PPT Presentation

Jun 14, 2023 •495 likes •662 views

Who we are Formed from the Stroud based Five Valleys Energy (FiVE) Co-operative registered under the Industrial and Provident Societies Acts in 2010 Completed install of our first project at Gloucester Resource Centre in December 2011,

  2. Who we are • Formed from the Stroud based Five Valleys Energy (FiVE) Co-operative registered under the Industrial and Provident Societies Acts in 2010 • Completed install of our first project at Gloucester Resource Centre in December 2011, with share issue to repay loans completed in April 2012. • Formally changed our name to GCEC in 2012, then re- registered, still under IPSA, from a Co-op to a “ Bencom ” in 2013

  3. Why a Co-operative? • This model of investment, through purchase of shares in an Industrial Provident Society, has raised millions of pounds for the development of renewable energy projects, mainly wind and hydro power, throughout the UK. • Gloucestershire Community Energy is following the model already demonstrated successfully by a number of other Industrial Provident Societies

  4. Glos Resource Centre • • Cost of system £85,891.46 Av generation (kWh/Yr) 39,343 • • Set-up costs £19,000 Av income £13,900 • • Share Issue £105,000 Pay 20% of FiT to GRC £2,780 • • No. Shareholders 49 Interest Payments £5,250 • • Interest 5.0% Annual Insurance £550 • • Total system 44.46 kWp Admin costs £900 • • Initial FiT Rate 32.9 p/kWh Inverter Replacement £8,000.00 • • Assumed Inflation 3.5% Eventual repayment of investors • Panel Deterioration 25yr 20.0%

  5. Daily average generation

  6. Squirrel Damage Damage costs Prevention costs Additional losses Investigation & Repair - £1,514 Netting install - £4,680 Small loss (winter period) Loss of Production - £394 Access Hire - £490 due to panels being re- Total Claim - £1,910 connected in a different Total Received - £1,384 Net Cost to GCEC - £5,696 order

  7. How does an Energy Co-op work? • Industrial and Provident Society for the Benefit of the Community • Regulated by Financial Conduct Authority • Member of Co-operatives UK • Renewable technologies owned by the community through purchase of shares by local individuals or organisations • Technologies located locally, often (though not necessarily) on community building or land. • FiT provides income to repay investors with interest & for further community benefit. • Tried & tested model for renewable energy generation

  8. Distribution of income Income from FiTs used: • to pay interest to members • to accumulate a fund for future repayment of members’ outstanding money in full after up to 25 years; • cost of administering the project; • to provide additional community benefits • further energy saving and generating measures.

  9. GCEC Group Status • Core of 3 board members for several years recently expanded to 5 • All voluntary, some with full time employment • Limited capacity and resources led board to consider joining with other groups • Looking for ways to improve ROI on current single investment at GRC • Potential for further fund raising from existing and new members

  10. New Opportunities • Temple Guiting village renewable energy study • Gloucestershire schools • GRC Energy Local Club • Cooperation with other groups • Cooperation with WPD

  11. Temple Guiting Project Ideas • Feasibility study funded by the RCEF • Enthusiastic local residents with several PV rooftops and electric vehicles • Issues around identified possible commercial solar PV installations • Difficulties to interconnect residents and farm buildings (lack of 11kV line) • Potential for future P2P network

  12. Solar Schools Project • Gloucestershire schools • Working with Solarsense in Bristol • Last year of Feed in Tariff deadline March 2019 • Possibly use bond developed by Mongoose Energy to raise money • Helps County Council meet carbon reduction targets • Educational benefits for school children

  13. Energy Local Club • Club for residents sharing network with GRC means physical link “easier” than P2P energy trading • Aim to supply surplus solar PV power from GRC • Needs 20-30 households to demonstrate concept • Sell at 10p/kWh instead of export to grid at 5-6p/kWh • Residents should save ₤80 -100/year per home • Working with Coop Energy to enable scheme and provide Time of Use Tariff • Initial meetings with local councillors very positive • Next stage to recruit Energy Local member/directors

  14. What we are looking for New members to join GCEC and help in following areas: • Community Engagement Role • Project Identification Role • Project Development Role • Funding Development Role • Communications Role • Legally defined roles

  15. Contact Information Gloucestershire Community Energy Co-op c/o Gloucestershire Resource Centre City Works Alfred Street Gloucester GL1 4DF Tel: 07886 972 319 Email: alisoncrane57@gmail.com Website: www.gloscommunityenergy.coop Twitter: GlosCommEnergy

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