Joined-The Up Energy Exporter

To piggy back off the previous post - much greater clarity and leadership is needed to maximise the potential of the IOM as an energy exporter. 

We appear to have three arms to this:

  1. maxinimising the surplus MEA generating capacity built into Pulrose and the incinerator,
  2. moving forward on the renewable energy front - we have accepted (I understand) a tender for a wind farm and two Tidal plants. There are other sites identified with excellent renewable energy potential.
  3. exploiting our offshore natural gas field for export ideally to Ireland not U.K. because of UK tax structures.

Rather than seeing these all as completely separate undertakings we need a coordinated approach to marketing the IOM as a reliable source of export energy.

 The projected problems with the UKs nuclear renewal programme could be a big opportunity.

Why the contribution is important

By having a coordinated export marketing approach we can move faster and with a focused plan to get rid of the crippling MEA debt, we can create jobs in a sustainable high value sector and we can raise tax and VAT income.

We could at the same time get energy prices here to a more competitive level to attract business to the Island. 

To do this needs a very small team and a person in The Keys with a role of making sure it happens.

by dpfellows on April 17, 2017 at 12:05PM

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Comments

  • Posted by dpfellows April 17, 2017 at 12:06

    Predictive text - grrrr title supposed to be 'Joined-Up Energy Exporter" mea culpa
  • Posted by ManxVoter April 17, 2017 at 13:02

    Good post
  • Posted by Yukiyama April 17, 2017 at 14:35

    No stop spending money we don't have.
  • Posted by dpfellows April 17, 2017 at 15:31

    Yukiyama sometimes you have to speculate to accumulate! That's what we do in the private sector! Save money elsewhere but also invest it where it will make wealth for individuals and society rather than washing it down the expenditure drain. If you don't do that you get onto a vicious downwards spiral.

    To get more businesses here, more jobs, more direct and indirect tax and to move into the 21st century not continue to be stuck in the 1980-90s "low tax will attract new business" mindset we need to do some things far more energetically and more focused.

    My suggestion would be that some of the already set-aside £20 million development fund be used to:

    1. get our communications technology here to the leading edge from towards the back of the queue
    2. really push our potential to export gas , gas generated and renewable energy given all the projections about energy problems in the UK and Ireland's weak energy position, - get fracking in the North if there is gas under the Point!
    3. use some of what 2. generates to deal with two local energy issues - the MEA debt and our commercially unattractive high local energy prices

    If we really got our energy sector moving we may not be a new Denmark but it actually might also be a real opportunity to make the MEA an attractive proposition to sell off and get that monkey off our backs.
  • Posted by Yukiyama April 17, 2017 at 15:46

    Yes we have speculated on a massive debt for the power station.
    Time not to speculate, time to cut, spend less, make savings, live in the real world, live within the taxpayers means, time to save £25m and more.
  • Posted by CastletownIOM April 18, 2017 at 10:37

    If we have an asset use it ! The UK or Ireland are desperate for energy suppliers, and we could be one. As long as anything profits made from the gas fields are sunk into renewable energy, so that at the end of it we have an independent renewable power source and we would have weaned ourselves off the fossil fuels.
  • Posted by Yukiyama April 18, 2017 at 11:51

    Nah - we buy gas via the UK to Ireland gas pipeline to run our power station - you saying we can import gas convert it to electricity and send it back AND make money?
    Enough for a return on the technology to make it happen?
    If so use private funding not public borrowing for the next 50 years.
  • Posted by xt512 April 19, 2017 at 04:44

    Stranded assets could be a consequence of not developing renewables in the near future. Costs of renewables is falling to parity rapidly. If we are worried about the debt as it stands worry about the chance that price, technology disruption or regulation may remove our market to export and create further problems especially if you initiate an export model .
  • Posted by OldSailor April 19, 2017 at 14:48

    Can government be trusted to run a business enterprise at a genuine profit where competition allows customers to freely choose who they do business with? Look how much of a mess it is making of its present finances. The energy market needs to be opened to genuine competition and the MEA broken up and privatised. It will sell for a loss but the taxpayers are on the hook for a loss whether its privatised or not, but at least if its sold the losses will be limited, and Isle of Man businesses and residents will be able to buy their electricity from which ever electricity generator offers them the best deal.
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