Shares cannot be sold. However they can be withdrawn, subject to the consent of the Board of the Society.
Members can withdraw their shares by applying to the Awel Board. The Board will meet twice-yearly, unless an extraordinary meeting is convened. Withdrawal requests will be considered on a “one-in-one-out” basis, unless in the event of a member’s death or an exceptional circumstance.
There is a limited amount of capital per annum in the Awel reserves. Therefore, withdrawal will be considered when there is a matching sum to replenish the amount being requested for withdrawal.
Membership is open to any individual or organisation that supports the objects of the society, subject to a minimum shareholding investment of £50 and a maximum shareholding investment of £100,000.
As with all co-operatives, it will be run on a democratic, one-member-one-vote basis, irrespective of the number of shares held.
If there is a problem, the contract enables the Co-op to obtain compensation from Enercon to continue its payments to the banks and members.
We have spoken to a number of community energy groups who have been very satisfied with the quality of the Enercon turbines and the robustness of the EPK maintenance contract should things go wrong.
- Generation tariff – this is a payment made for each unit of electricity generated. The amount depends on the size and date of the installation, but the rate is guaranteed for 20 years.
- Export tariff – this is a further payment (currently 4.91p) that is paid for each unit exported to the grid.