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FRECo’s AGM 2019

FRECo’s AGM 2019. Introduction and directors – Anna Francis Update on projects – Simon Proctor Future opportunities – Anna Francis Financial update – Nick Hardie Q&A Finish by 8. Our Vision. A financially sustainable, community-owned energy co-op that will deliver:

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FRECo’s AGM 2019

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  1. FRECo’s AGM 2019 • Introduction and directors – Anna Francis • Update on projects – Simon Proctor • Future opportunities – Anna Francis • Financial update – Nick Hardie • Q&A • Finish by 8

  2. Our Vision • A financially sustainable, community-owned energy co-op that will deliver: • renewable energy • energy efficiency • energy supply services • 2020 goal: £10m invested; 8 MW; sustainable enterprise; av. £150k/yr into community fund over 20 years

  3. Management and Governance Non-Exec Directors New Non-Exec Directors

  4. Frome Medical Practice • 150kw of solar pv • 130,000 kWh / yr • Saves 1,500 tonnes CO2 over 25 yrs • £220,000 for community fund

  5. Frome Medical Practice • Total Output for Period was 138.9 MWh • 7% above Estimated Annual Output for period

  6. Frome Town Football Club • FRECo part financed new stand through community fund • 50kw of solar pv • 45,500 kWh / yr • Saves 500 tonnes CO2 over 25 yrs

  7. Frome Town Football Club • Total Output for Period was 52.0 MWh • 14.8% above Estimated Annual Output for period

  8. Sector Update • FIT Scheme is now closed to new entrants • No replacement Scheme announced although a Smart Export Guarantee (SEG) Tariff will be available shortly • Unlike the FIT the SEG Tariff does not provide long-term price certainty • Subsidy free projects therefore need to find long-term power purchasers to deliver a return • Some indications that there will be subsidy support for Community Projects announced later in the year

  9. Community Fund • Frome Medical Practice Energy audit – identified over £10,000 of savings • Training network of volunteers to assist fuel poor households • Sustainable Frome Grants, September

  10. Share withdrawals • Shares can now be withdrawn • Send email to: anna@freco.org • Withdrawals are at directors discretion and will be decided quarterly • Consider remaining a member

  11. FRECo projects

  12. Somerset Community Energy Frome Commercial Offer

  13. Finance – Nick Hardie

  14. FRECo interest payment proposed for 2017/18 6%

  15. Interest Payments Eligible for PSA Interest Paid June 2019. Accounted for in your 18/19 tax return. Shares issued 1 June 2015 Interest Period y/e 30 September 2018 y/e 30 September 2017 FRECo AGMMay 2019

  16. Help us spread the word…

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