Abergavenny Energy CIC is a not for profit company which will build energy security and sustainability for local people as we move into an uncertain economic and environmental era. The company was incorporated on the 6th March 2014.
The energy generation part of our business will be managed through Cooperatives. The first, “Abergavenny Community Energy (1) Cooperative” is already registered (reg no. 32274R).
As a Community Interest Company (CIC) Abergavenny Energy has a mix of business and social objectives. The company is regulated by the CIC commissioner and will be required to show that it has met its community interest objectives annually.
To meet the community interest test the Company will need to show that it is providing, or is following a process that will provide, the following benefits to the local community:-
- Local energy self-sufficiency, income generation, reduction in carbon dioxide emissions and hence mitigation of climate change, local employment eg installation of solar panels/energy saving;
- Reduction in fuel poverty through lower fuel bills;
- Reduction in fuel poverty through discounts for bulk purchasing.
The company will build a reputation based on being a good local investment with an attractive rate of return, being reliable and easy to deal with, having a strong ethical foundation and being community based and socially inclusive.
Abergavenny CIC will have a strategic planning role eg undertaking feasibility studies for new generating opportunities, it will provide services to the Cooperatives eg payment of dividends to investors, and it will manage non-generation parts of the business eg energy saving and bulk purchasing of energy.
We will provide benefits to the people of Abergavenny and the surrounding area through the localisation of energy provision, improvement in local employment and the reduction in fuel poverty.
Any surplus that the company makes will be put back into future projects and local initiatives under the Abergavenny Transition Town banner.
We believe that the world cannot continue to depend on fossil fuels and that we rapidly need to reduce our energy consumption and find less damaging sources of energy, such as solar and micro-hydro.
We have 7 directors who collectively have a have a wide range of experience, and all live in the Abergavenny area.