Impressive news from Bristol Energy, Bristol City Council’s basketcase electricity reselling company that LOST £3.3million last year. Well, they’ve done whole lot better this year and will soon be posting A LOSS of £7.7million! Top work and trebles all round for the stupendously well-paid bureaucratic half-wits who thought this crap up.
There is room for optimism, however. Because Bristol Energy boss, Peter “High Pay” Haigh has taken to Twitter to assure concerned Bristolians that Bristol Energy MIGHT make a profit in about four years! Quite how much we’ll lose before High Pay manages to get a small profit dribbling in to his soppy business is anybody’s guess. Although judging by current trends, High Pay’s business is easily on course to lose us around £50million by 2021.
How the Reverend Rees is funding this loss-making nonsense is something of a mystery. Although if he’s borrowing the money to keep his MUNICIPAL VANITY PROJECT afloat, then recouping the investment and covering the losses he’s run up so far will cost us around £0.4million a year in debt finance and another £1million a year to pay off the capital over ten years. That’s lots of librarians, school crossing patrols or public toilets that the cash-strapped Reverend is closing to keep Bristol Energy’s solvent.
Should, as we predict, this debt rise to in excess of £50million then it will cost us over £4million a year to service the debt and pay off the capital over 25 years. The simple fact is that if the Reverend stopped DITHERING about like the wishy-washy voluntary sector plonker he is and took the decision to DITCH this business and also cancel the Arena that will never get built, he could cancel many cuts to our services.
For fucks sake Rees, grow some balls and start taking some decisions for the benefit of the people in this city you useless twat.
How’s it funded?
We use Pay-Pal…
The Rev uses Munici-Pal.
Hilariously, the company was originally forecast to be breaking even by November 2017.
Here’s what the original report said
“Post launch, the outline business plan estimates that the Energy Supply Company will also require further financial support for losses expected to be experienced in the early years of trading. This is in line with market expectations for a new Energy Supply Company. The outline business plan has sought to estimate the extent and duration of these trading losses based upon a range of customer uptake scenarios. Current estimates are between
£1m to £2m per annum with an annual break-even reached between 2016 and 2018.
There is the potential for the Energy Supply Company to provide a long-term dividend stream to the Council. The outline business plan reports a range of trading surpluses following break-even based upon the same customer uptake scenarios. In order to provide an indication of this, the outline business plan currently estimates annual trading surpluses of between £1m and £8m by 2020 and the up-front investment being repaid at its earliest from 2018.
The outline business plan estimates the total amount of funding at risk from launching the Energy Supply Company (including the £1.575m set up budgets) as between £3.5m and £4.2m”
Someones crystal ball was faulty