{"id":266340,"date":"2023-07-09T14:03:13","date_gmt":"2023-07-09T12:03:13","guid":{"rendered":"https:\/\/climatescience.press\/?p=266340"},"modified":"2023-07-09T14:03:15","modified_gmt":"2023-07-09T12:03:15","slug":"just-stop-oil-donor-received-110-million-in-green-subsidies-from-taxpayer","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=266340","title":{"rendered":"Just Stop Oil Donor Received \u00a3110 Million in Green Subsidies from Taxpayer"},"content":{"rendered":"\n
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THE DAILYSCEPTIC<\/a><\/p>\n\n\n\n

CHRIS MORRISON<\/a><\/p>\n\n\n\n

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Alternative energy companies run by Just Stop Oil and Labour Party paymaster Dale Vince have collected taxpayer subsidies of around \u00a3110 million over the last 20 years. Vince\u2019s company Ecotricity claims it is a \u201cnot for dividend\u201d company with its money \u2013 \u201call of it\u201d \u2013 going into our mission \u201cto green-up Britain\u201d. But every labourer is worthy of his hire. In Vince\u2019s case, over \u00a343 million (pre-tax) from the company in the form of salary, share buybacks, loans and receipts from the sale of a subsidiary. Some of these payments, it seems, are more tax efficient than paying dividends.<\/p>\n\n\n\n

These financial details, and a comprehensive debunking of many of the wild environmental claims Vince has been airing in public media of late, are contained in a\u00a0recent substack article<\/a>\u00a0written by the investigative Net Zero writer David Turver. Over the last 10 years, Vince has given the Labour Party about \u00a31.5 million. Recently the Labour Party said it would ban all new oil and gas drilling, causing widespread concern among its dwindling working class supporters. Vince has also given many hundreds of thousands of pounds to the disruptive Just Stop Oil protesters, whose loutish tactics have led to costly delays on British roads and irritation at major sporting events. Recently, Vince justified his financial largesse by telling the\u00a0Guardian<\/em>\u00a0that \u201cI do want to\u00a0influence policy<\/a>\u00a0doing the things that I do\u201d.<\/p>\n\n\n\n

Turver takes a different view on Just Stop Oil, noting that it is \u201ctrying to bully us into accepting their worldview without having to bother with minor inconveniences like the ballot box\u201d.<\/p>\n\n\n\n

Certainly Vince has a political interest in keeping the renewable subsidy gravy train rolling. Despite constant claims that green energy is getting cheaper by the day, British electricity buyers are forced to pay \u00a312 billion in subsidy every year for renewable energy that provides barely 5% of total U.K. energy consumption. In Vince\u2019s case, Turver asks if it could be possible that he is dependent upon a never-ending stream of subsidies from hard-pressed bill payers to keep his empire afloat?\u00a0<\/p>\n\n\n\n

There are a number of ways wind and solar suppliers can collect subsidies for producing energy. Investigative journalist Ben Pile has calculated that Ecotricity has collected \u00a389 million from the Renewables Obligations Certificate scheme since 2002, with \u00a353 million of that since 2014-15. In addition, Turver found another \u00a39 million of subsidies within subsidiary companies. Ecotricity has also declared over \u00a316 million in \u201cother income\u201d for administering feed-in tariff schemes, another form of subsidy for electricity production.\u00a0<\/p>\n\n\n\n

Dale Vince has been every busy of late pushing his green dream and the prospects of Ecotricity on a number of radio and TV channels. Turver suggests a possible economic explanation for all this activity. Despite all the subsidies and the high prices it charges its customers, money seems a little tight. A new holding company has benefited from a loan from Vince, but at the end of April 2022 it had \u00a370.8 million in cash. However, \u00a329 million of this was restricted by banking covenants. Set against this, notes Turver, there is over \u00a3182m of debt due within one year, including money repaid to Vince. There is also \u00a344.2 million of eco-bonds outstanding. With interest rates currently rising, Vince would have been \u201ctrying to burnish his green credentials to persuade investors to keep his bonds\u201d.<\/p>\n\n\n\n

The company has been stress testing various scenarios, and details are given below.<\/p>\n\n\n\n

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Due to its \u201cstrong green credentials\u201d, Ecotricity can raise prices, while asset sales and alternative sources of funding are possibilities. Happily, the company can forecast that in all individual scenarios, it has enough cash to meet its commitments.<\/p>\n\n\n\n

As noted, Vince is a regular media presence but not all recent interviews have been of the \u201cwhy are you so very virtuous and wonderful?\u201d kind. Last month he met his match on Ian Collins\u2019s\u00a0Talk TV lunchtime show<\/a>\u00a0when he faced Ben Pile. The amused, self-satisfied, old hippy\u00a0persona rapidly fell away under Pile\u2019s relentless demolition of his eco-claims, to be replaced by scowls, insults and frequent interruptions.<\/p>\n\n\n\n

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