Our 2019/2020 financial year has just ended, so we’re writing to update you on the progress of M&S Energy Society since our Annual General Meeting held at the end of March earlier this year.
Performance in 2019/20, our fourth full year
In our 2019/20 financial year, ending on 30th September 2020, we have generated 739,498 kWh of renewable electricity in this year, all of which has been used by the host Marks & Spencer stores. This has reduced carbon emissions by about 285 tonnes (using the grid average for carbon saved through reducing gas fired electricity generation – which is what our solar panels do).
Generation in 2019/20 is 6.75% up on last year, most stores performing better or in line with previous year, and in aggregate performing almost exactly on the overall target. Truro was affected by inverter issues in the spring, and the lower generation at Hayle is being investigated, but may just be down to local weather conditions and a slightly optimistic original projection. We are continuing to work with Joju Solar and M&S
to identify generation issues as they arise. As reported last year Cheshunt and Torbay repairs have resulted in excellent generation results this year.
Details of generation by store are set out in the table below.
The early numerous teething problems seem to be behind us for the time being and our financial performance remains strong and we have delivered to members the target interest payments and will be repaying members their investment in the Society in accordance with the original plans. The Society continues to contribute to renewable energy for M&S and with the share capital being repaid thereby reducing interest levels we are in the early stages of building up the community benefit fund which is a key
part of the Society’s mission.
Payment of share interest to members
Financial performance for the year has been very similar to, but ahead of, last year. We intend to pay interest to our members at the rate of 5.49% for the year, in accordance with our original target. We anticipate paying interest in late October. Interest paid will be paid on members current shareholdings before the effect of redeeming share described in the next paragraph.
Annual redemption of shares
We will continue to return capital to members, as described in the share offer. Following last year’s 15% redemption we will continue to redeem 5% annually for the next 16 years. Members will receive a separate
letter or email from us about this describing the procedure. We intend to redeem about 5% of our share capital and return that money to members, giving priority to those who wish to redeem some or all of their
shares and redeeming the balance of shares in proportion to members’ shareholdings.
Annual General Meeting – 23
rd March 2021: keep the date free.
It is much to be hoped that we can hold it
in person next year. However the Zoom format allowed more people to attend than had done so previously which was a plus. Formal notice and confirmation of the arrangements will be sent out early next year.
Thank you for your continued support during the year, and do please contact us if you would like more information or wish to discuss any issue relating to your Society.
Chair, M&S Energy Society
15th October 2020