Madam,
A few words of warning to anyone thinking of investing their hard-earned money in the proposed 74m wind turbine at Ffrwd Farm, Llanwnnen.
Firstly, Ms Foster, chair of Grannell Community Energy, appears to confuse eligibility for rates rebate from Ceredigion County Council with support for the project. She might recall that councillors unanimously voted against the Ffrwd turbine when the application went to committee.
Ms Foster will be aware, I am sure, that no development whatsoever is able to take place before all of the conditions placed on the application by the planning inspector have been discharged.
Most notably, there has to be an escorted and video recorded trial run for the abnormal loads as well as other associated measures, consents and consultations carried out.
On the subject of wind speeds, the measurements Ms Foster refers to are from so-called desk-top studies and, as we all know, the wind is unpredictable and therefore cannot be guaranteed.
No-one who “invests” in shares will have any guarantee of a return and cannot even be certain that their initial investment will be safe.
This is because this kind of scheme is not regulated by the Financial Conduct Authority. Indeed, the FCA says: “If a member of the public decides to buy shares in a cooperative or community benefits society they should ensure they fully understand the risks.”
They also state that: “There is currently no financial protection for shareholders of cooperatives and community benefit societies.”
It is most concerning that the turbine, a second-hand, 13-year-old machine, will cost more to maintain, be less productive and have a much shorter lifespan than Grannell Community Energy suggests.
It may not carry a manufacturer’s warranty at this age especially after being dismantled and reassembled; it may have been operating in adverse conditions and be more worn than the norm for this age – otherwise why isn’t it being kept in use on its original site? No-one should rely on GCE’s figures if they are based on a 25-year period.
The scheme could last much less time. The period over which shareholders might have expected a return could be dramatically curtailed.
Even if the scheme produces sufficient surplus to pay out a “community benefit” - it will be only after every other financial commitment is met.
Moreover, there is no obligation for it to do so and no guarantee for the amount. Although the Welsh Government has encouraged developers to offer community benefit, there is no legislation in place and it is entirely voluntary.
Anyone with cash to spare to help the planet would do much better to put that cash into reducing their own energy use, perhaps installing insulation or solar panels, or directly helping friends and family to do likewise.
Yours etc,
Erika Davies, Llanwnnen, Lampeter.
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