As we expect to be exporting electricity from November, the Directors have decided to close the current share issue on Wednesday 31st October. This will be your last chance to buy shares or increase your shareholding under the terms outlined in the current prospectus. Any future share issues will have less favourable terms as there will be less risk involved once we are generating.
Once we have been trading for four months we will be applying for the share issue to be part of the Enterprise Investment Scheme, which means that if you’ve invested £500 or more in any tax year you would be eligible for 30% tax relief on the cost of your shares.
Having spoken with local residents, the Directors have decided to investigate painting the turbine kiosks dark brown and put in planting and screening on the river side of the main kiosk.
Help is needed to plant trees on site on Saturday 1st December (following Saturday if weather not suitable). If you would like to join the tree planting group, email Caryn, or phone 01642 723137, so that she can update you on arrangements and plan for refreshments after in the Bridge Inn.
Last week the turbine kiosk was installed. Like the local residents, the Directors of Esk Energy are concerned about the visual impact of the kiosk.
Plans were already in place to plant trees and shrubs once the contractor had finished. However, the Directors are aware that further work will need to be done to improve the view of the site. Therefore, they are actively exploring different options.
The last few months have been busy – liaising with the contractor on site, arranging the grid connection and agreeing the fish monitoring programme with the Environment Agency, National Park Authority and the River Esk Action Committee.
If you have been following the progress of the construction through our website www.whitbyeskenergy.org.uk you will know that the upgrading of the fish pass has been completed. Work has now started on preparing the site for the arrival of the Archimedes screw turbine. Once we know the date for the arrival of the turbine on site we will let you know; it is likely to be a sight worth seeing.
A primary objective of the Ruswarp hydropower installation has always been to support community carbon reduction in the Esk Valley (producing “green energy” and investing in further carbon reducing projects and education schemes). However, as shareholders, the Directors of Esk Energy (Yorkshire) Limited would like to inform you of an issue that has arisen which may affect the financial return on the project. This means the target share interest will now be 3% from year 6 and 5% from year 9.
We had previously anticipated average generation of 190,000 kWh per year but we now understand that it is likely to be in the region of 160,000 kWh per year. The reasons for this change concern flow rate figures on the project.
The need to maintain flow rates over the fish passes, determined by the Environment Agency, is vital in preventing deterioration in ecological habitats. A misunderstanding between parties involved in the project on the flow rate figures has directly affected the forecasted generation.
The contractor is working with us to find ways to minimise the impact of these changes in flow rate on the projected financial return and we should be in a position to present our revised financial plan at Esk Energy’s AGM on the 8th September.
Details of the AGM will follow in the next few weeks.
Thank you for your continued support in the project.
Whilst there is nothing showing on site yet plenty has been going on in the background.
Many thanks to Mike Ford who is liaising with the contractor Bentley’s, as project manager, on behalf of Esk Energy (Yorkshire) Limited. The relationship with Bentley’s is going well and they are keeping us informed at every stage.
With any project the unexpected crops up. Currently we are looking at the power connection with the national grid. This may lead to costs that had not been anticipated due to changes in rules on work undertaken near railway lines. Fortunately we have a contingency built into our budget but there may be delays to the planned schedule.