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Community Heat Partnerships

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ChrisJCook
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Heat Partnerships

A Green Deal that might actually work




                  Chris Cook

        I.M.E., London, 29th August 2012
Solutions
 Capital Partnership ('Nondominium')
   Neutral framework agreement for sharing of risk and reward
   Capital Partnership does not own anything, employ anyone, or
    contract with anyone but its members do
   Agnostic as to legal form (eg Limited Liability Partnership; Company
    Limited by Guarantee)
 Prepay ('Stock')
   Undated credit instrument returnable in exchange for value
   Created, issued, exchanged and returned within Capital Partnership
    framework agreement
Capital Partnership


            Consumers




            Custodian
             Custodian




Investors            Managers
Capital Partnership
 Custodian
  Custody of data and accounts
  Mutual Guarantee
 Energy Consumers – exchange value for the use of energy
 Energy Managers
  Operate system, manage risk, provide quality control
 Energy Investors
  Buy Units of stock returnable in exchange for energy
  Custodian issues energy stock on instruction of Managers
  Managers supervise issue, exchange & return
Prepay 1.0 - 'Stock'
 Stock
  Original form of 'equity' – not shares in Joint Stock Company
  Prepay/credit instrument issued at a discount to market price
  Returnable in payment for energy supplied
  Prepayment for supply
  Undated
Return
  Discount gives absolute return: eg $10's worth of gas for $8 now
  Rate of Return is variable – literally the rate over time at which
   stock may be returned to the issuer or sold
  No interest (money for the use of money)
Prepay 2.0 – Stock reinvented
 In the late 1990's Enron began to use Prepay
 Commodities sold at a discount for dollars & delivered later
 Example: oil market price $100: 1m barrels sold for $90 now
  and delivery in 6 months
 Enron used Prepay to defraud creditors and investors
 Since 2005 investment banks and producers have used prepay
  to defraud the oil market

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Community Heat Partnerships

  • 1. Heat Partnerships A Green Deal that might actually work Chris Cook I.M.E., London, 29th August 2012
  • 2. Solutions  Capital Partnership ('Nondominium')  Neutral framework agreement for sharing of risk and reward  Capital Partnership does not own anything, employ anyone, or contract with anyone but its members do  Agnostic as to legal form (eg Limited Liability Partnership; Company Limited by Guarantee)  Prepay ('Stock')  Undated credit instrument returnable in exchange for value  Created, issued, exchanged and returned within Capital Partnership framework agreement
  • 3. Capital Partnership Consumers Custodian Custodian Investors Managers
  • 4. Capital Partnership  Custodian  Custody of data and accounts  Mutual Guarantee  Energy Consumers – exchange value for the use of energy  Energy Managers  Operate system, manage risk, provide quality control  Energy Investors  Buy Units of stock returnable in exchange for energy  Custodian issues energy stock on instruction of Managers  Managers supervise issue, exchange & return
  • 5. Prepay 1.0 - 'Stock'  Stock  Original form of 'equity' – not shares in Joint Stock Company  Prepay/credit instrument issued at a discount to market price  Returnable in payment for energy supplied  Prepayment for supply  Undated Return  Discount gives absolute return: eg $10's worth of gas for $8 now  Rate of Return is variable – literally the rate over time at which stock may be returned to the issuer or sold  No interest (money for the use of money)
  • 6. Prepay 2.0 – Stock reinvented  In the late 1990's Enron began to use Prepay  Commodities sold at a discount for dollars & delivered later  Example: oil market price $100: 1m barrels sold for $90 now and delivery in 6 months  Enron used Prepay to defraud creditors and investors  Since 2005 investment banks and producers have used prepay to defraud the oil market
  • 7. Green Deal - Issues  Problem Compound interest - bank rates of interest mean many projects are not viable Behaviour (Jevon's Paradox) – even if £ is saved there is no guarantee that energy will be saved  Solution Direct 'peer to asset' investment in energy Return on energy investment but no compound interest – money paid for the use of energy Unless Exergy is saved £ will not be saved – saving Exergy is saving money
  • 8. Green Deal 2.0 - Heat Pool and Heat Loans  Investors buy Mmbtu units of Heat Stock at a discount to the market price  Discount generates a return to energy investors  NB - $ billions now invested in energy even without a return  Heat Pool energy fund is thereby created in £  Heat Pool fund invests £ in heat production and heat saving projects through 'heat loans' denominated in Mmbtu  Projects buy back units of heat stock at the market price through utility bill
  • 9. How it Works Stock Consumers $ or Stock energy Returned Stock Custodian Custodian Investors Stock $ Stock Proportional Shares Managers, Producers
  • 10. Hyde Farm Energy Partnership Consumers (Association) Custodian Custodian Lambeth Council Lambeth Council Investors Managers (Association) (Consortium)
  • 11. Hyde Farm Partnership – Financing Phase  Short term, medium/high risk investment  Capital Partnership framework uses transitional LLP vehicle and a mix of grant, debt and partnership equity investment  City of Glasgow currently has five municipal LLPs  Debt repaid, grants recyclable, and equity investors exit to Funding Phase Investors
  • 12. Hyde Farm Partnership – Funding Phase  Long term, low risk direct investment in energy  Capital Partnership framework uses Company Limited by Guarantee framework and energy stock investment  Optimal form of investment in terms of risk profile, liquidity and sheer simplicity  Optimal form of funding in terms of cost
  • 13. Danish Policy – Energy Economics  Energy Investment  Danish policy after 1973 oil shock exposed energy insecurity  Identify desired outcome eg heat, electricity, transport  Identify solution with least carbon fuel input  ie what happens in the system for each KwH of electricity or Mmbtu of heat produced?  Energy return against energy invested – least energy cost solution  Participants obliged to comply with policy against their financial interests
  • 14. Synergetic Economic Behaviour  Energy middlemen transition to energy service provision  Minimises need for finance capital – replaced by human capital  Least energy cost, rather than least £ cost  Market tends to stability  Common interest in minimising energy use  Financing and funding costs minimised since no payment is made to rent-seekers  'Big Trade' of the 21st Century Value of intellect (IP; skills) exchanged for value of carbon energy saved (ie optimisation of Exergy)