energy pool 20 05 2009
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An Energy Pool?
All Energy Conference
Chris Cook , Aberdeen
20 May 2009
A New Approach to Grid and Network Investment
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What are the alternatives for funding a North Sea Supergrid?
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There are conventionally two types of ownership - Public or Private...
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...and there are two ways of raising finance: Credit and Investment
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Investment through a Limited Company...
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....a 19th Century legal dinosaur...
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...is what makes the Private Sector ”Private”
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Credit is typically issued by banks and secured by legal claims
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...giving two conflicting claims over the same productive asset
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But there’s a new furry animal out there....
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...the 21st Century Limited Liability Partnership (LLP)
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A UK LLP is a corporate body with limited liability....
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...and...errrr...that’s it!...
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As far as the UK Tax Man is concerned it is a Partnership
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It’s an “Open” Corporate where partnership working is possible....
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... even without a written agreement
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It enables Direct “Peer to Peer” (P2P) Credit and Investment
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LLPs are now in pervasive use for purposes never intended...
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...even in the Public Sector, where Glasgow has 4 municipal LLPs
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As we have seen, collaborative working in the North Sea is not new..
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NET proposes financial collaboration within a Capital Partnership framework....
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...to fund Supergrid as an Energy Pool
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Capital Partnership – direct Peer to Peer investment in productive assets
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Hilton Capital Partnership ( > £1bn)
Capital Partnership LLP10 UK Hotels
Gross Revenues
Hilton GroupCapital User
Consortium LLP Capital Provider
BankProperty
DeveloperHotel
Specialist
% %
%%%
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Capital Partnership LLP
AssetsAssets
Investors
Payment
% %
Custodian
Use
Managers
Users
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Productive assets are held by a “Custodian”..
AssetsAssets CustodianCustodianOwnership
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…Investors put in Financial Capital in money, or “money’s worth”…
AssetsAssets
Investors
CustodianOwnership
Financial Capital
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…Managers provide Human Capital of time, expertise and experience....
AssetsAssets
Investors
CustodianOwnership
HumanCapital
Financial Capital
Managers
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..Users pay for the use of Capital
AssetsAssets
Investors
Payment
% %
Custodian
Use
Managers
Users
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Generic Capital Partnership Framework
AssetsAssets
Investors
Payment
% %
Custodian
Use
Managers
Users
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Capital Partnership reinvents Equity
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Equity Shares - % age shares in revenues or production...
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…..which may be transferred, but never redeemed, since there must always be 100%
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Units – Redeemable in production eg Kilo Watt Hours, natural gas
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Units have a value in exchange, but no rights to production or income over time…
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Asset-based on value provided by issuer...
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….rather than deficit-based upon a claim over value issued by a Bank
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Let’s have a look at an Energy Pool for a 10 Giga Watt Supergrid
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Two Phases – Development and Operation
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Firstly, a Custodian is created....a ‘Master Trust’
AssetsAssets CustodianCustodianOwnership
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Suppliers provide “money’s worth”
AssetsAssets
Suppliers
CustodianOwnership
CapitalEquipment
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They may invest equipment & materials - an evergreen lease with a return in energy
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...must invest agreed profit margin, thereby giving a stake in the outcome
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Investors provide risk capital for costs suppliers cannot or will not invest
AssetsAssets
Investors
CustodianOwnership
Risk Capital
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…Managers provide Human Capital of time, expertise and experience
AssetsAssets
Investors
CustodianOwnership
HumanCapital
Financial Capital
Managers
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...and the Supergrid is built
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Sounds great, but where does the €25bn development credit come from?
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Firstly, €25bn development credit is not needed – just funding of work in progress....
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...since production will be unitised as and when electricity comes on stream
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Second, the project will be subject to government guarantees....
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...in exchange for which governments may receive an Equity Share
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Finally, national grid utilities as Manager members ....
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...would invest in return for Equity Shares
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When production comes on-line the Energy Pool is operational
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Operation Phase
AssetsAssets
Payment
Custodian
Electricity
Consumers
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Managers receive an Equity Share
AssetsAssets
Payment
x%
Custodian
Electricity
Managers
Consumers
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Operation Phase
AssetsAssets
Investors
Payment
100-x% x%
Custodian
Electricity
Managers
Consumers
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The Pool may now issue to Investors Units redeemable in electricity
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Units - the Value Proposition
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Investors - a direct investment in energy with no return...
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....similar to an investment in gold...
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...except that while gold may be pretty...
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....it’s not useful in the way that electricity is
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Consumers – the ability to lock in the price of future consumption
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Units are hybrid – analogous to a futures contract but no expiry date, and no
gearing....
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....analogous to an Exchange Traded Fund Unit but redeemable in energy
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What about Liquidity? Investors selling Units may not find Investor buyers....
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No Problem! Consumers will buy if the Unit price falls below electricity market price...
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...because they would profit by buying Units and redeeming them against
consumption
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Energy Pool
10 Giga Watts(Custodian)
10 Giga Watts(Custodian)
Unit Investors
Consumers
Equity SharesManagers, Governments
electricity£, €, etc or Units Redeemed
£,€, etc
Units
Units
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Interest-free financing through monetising renewable energy...
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...by issuing - for value now - a Unit that will cost nothing to redeem
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Energy Pooling and Unitisation has potential far beyond SuperGrid
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Existing energy production may be unitised and refinanced interest-free.....
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....releasing development credit and energy dividends
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A Carbon Levy on fuel may fund Energy Pool investment in renewable Mega Watts
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Units enable an Energy dividend on a compulsory investment...instead of a tax
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Units simply finance the cheapest energy of all – Nega Watts - energy savings...
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Energy Loans in KwH may be repaid out of energy saved via utility bills
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The outcome is that those with above average carbon use ...
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….make a net transfer to those with below average carbon use
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Energy Pool offers a new approach to the proposed Kyoto carbon markets....
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...where the Emperor has No Clothes
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Overheard at a traders’ conference.....
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“If you want to keep a cow healthy, you don’t regulate what comes out of it……
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“……you regulate what goes in….”
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An Energy Pool enables a Carbon currency based upon the intrinsic value of energy…
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..rather than a market in value-less Units of CO2 emissions, imposed by governments …
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….promoted by the same people who brought us the Credit Crunch
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The Energy Pool is not an Organisation...
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...it does not own anything, do anything, employ anyone, or contract with anyone...
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….it is simply a framework for cross border energy investment
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It transcends borders through interactive consensual ‘contrats de société’...
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...rather than national or international institutions and hierarchies
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Energy Pool has no adversarial contractual relationships – ‘contrats de mandat’
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...it requires no legislation.....
Master Partnership
Master Partnership
Financial Capital(Money, IP etc)
Financial Capital(Money, IP etc)
UsersUsers
Human Capital(Developers, Operators)
Custodians(National)
Custodians(National)
% %
€
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...no public borrowing and probably no permission
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Sustainable Scottish Nordic development is what we do
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Thank You
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