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Council investments


Gary
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3 hours ago, Evil Sid said:

Del boy had better investment instincts than our council.....🤭

A bank that has yet to show any return on the money invested in it and an energy company that is making a consistent  annual loss.

May all turn out to be so much loose change compared to what might happen with The Hut Group. https://www.bbc.co.uk/news/business-58951738

God knows what the terms of that £151million are and that underlines the real problem. You have a handful of people - and in the case of certain aspects of Redwood, one person - making deals for tens of millions of pounds with no scrutiny, accountability or transparency whatsoever. Still seems unlikely to me that anything untoward is going on, but if anybody wanted to indulge in anything dodgy, all the pieces are in place. 

Most likely it all comes down to over-confidence, lack of accountability, stupidity and groupthink.   

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Can't say I take a deep interest in local politics;  but based on the comments of a friend, it appears the Council could be dabbling in areas of finance that are "iffy" and for which they have no experience or training, plus getting into bed with cowboys.   It's our money, that we pay for services, NOT financial speculation.    :rolleyes:

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  • 2 weeks later...

Anybody know if Together Energy paid the £12 million they owed Ofgem yesterday? 

Update - I see the council has issued a statement saying that it is happy for TE to delay this payment because it's in the company's best interests not to pay the money it owes. So that's OK then. Obviously not a problem that the company can't pay its bills despite being 'solvent'. Even when it has been told it will have its licence revoked so can't trade. Obviously not a problem at all. 

Let's see if the council applies the same thinking to the money it is owed.  

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2 hours ago, grey_man said:

Anybody know if Together Energy paid the £12 million they owed Ofgem yesterday? 

Update - I see the council has issued a statement saying that it is happy for TE to delay this payment because it's in the company's best interests not to pay the money it owes. So that's OK then. Obviously not a problem that the company can't pay its bills despite being 'solvent'. Even when it has been told it will have its licence revoked so can't trade. Obviously not a problem at all. 

Let's see if the council applies the same thinking to the money it is owed.  

I have asked Ofgem to keep me posted.

https://www.warrington-worldwide.co.uk/2021/11/01/council-satisfied-non-payment-of-12-5m-renewables-obligations-is-in-best-interest-of-together-energy/

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3 minutes ago, grey_man said:

Thanks Gary. Nice to see one local journalist is on top of this story. 

Like many news organisations we are a relatively small team with a huge work load covering a wide area - but we try our best to keep the public informed and the council and others accountable while being balanced and fair. It is nice to know when our work is appreciated so thank you.

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2 hours ago, Latchford Locks said:

They want to stick to what they are supposed to do and improve our services we pay for with council tax.

You could always stop payment claiming it is your "best interest" not to pay just yet......🤦‍♀️

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