Tag Archives: Peter Haigh

COUNCIL BASKETCASE BUSINESS NEWS

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.

ENERGY COMPANY TO BELLYFLOP?

BE2Are there more tough times ahead for Bristol City Council’s LOSS-MAKING electricity reselling business, BRISTOL ENERGY?

The private company, funded from our council tax, has already posted a £3M LOSS this year it doesn’t want you to know about. Meanwhile, total investment in the firm by Bristol City Council, although a closely guarded secret, is believed to top £9M. So will Bristol City Council ever see a return on this huge investment of our money?

Ovo is another local energy reseller that’s been running since 2009 and its business model is virtually identical to Bristol Energy’s. They both buy power wholesale off the ‘big six’ power companies who generate it and then try to sell it retail to customers for a profit. Ovo have just announced a £35M LOSS based on 400,000 CUSTOMERS. Bristol Energy has 80,000 CUSTOMERS.

Bristol Energy and Ovo both have the same problem: the cost of obtaining new customers. If you take apart the scant information available about Bristol Energy (their business plan is a closely guarded secret), it may well be COSTING THEM MORE to get customers than they will ever make in PROFIT from them in this low margin business.

Bristol Energy boss, Peter “HIGH PAY” Haigh pockets a six-figure salary for his troubles while claiming he will start making profits when Bristol Energy has “a large enough volume of customers”. However, Ovo with FIVE TIMES as many customers continues to run at a HUGE LOSS. What can Peter High Pay do that’s different?

But why should High Pay give a toss? He tops up his paltry six-figure salary from the council taxpayer with a LUCRATIVE DIRECTORSHIP at Energy Market Risk Ltd, consultants to the energy industry. Does Bristol Energy have a hope with High Pay at the helm? Does he even care while he’s spending other people’s money and significantly expanding his personal bank balance?

And why has Bristol City Council earmarked £7.5m of their capital funds to run this profitable ‘business’ over the next couple of years while they cut our public services?