A report from the Executive Director – Resources is attached. (Report No.78, agenda part two also refers) (Key decision – reference number 4642)

(Report No.74)

(7.45 – 7.50 pm)

Councillor Nesil Caliskan (Leader of the Council) introduced the report of the Executive Director – Resources (No.74) seeking the second tranche of funding to deliver the remainder of its business plan which included building the heating infrastructure required to serve Meridian Water.

NOTED

1.            That Report No.78 also referred as detailed in Minute No.15 below.

2.            That Energetik had previously received approval of its business plan and initial funding in January 2017, as detailed in the report. The company was now seeking it second tranche of funding to deliver the remainder of its business plan which included the heating infrastructure required to serve Meridian Water.

3.            The work which had been undertaken and progressed as set out in detail in the report. In October 2018 the Cabinet had asked Energetik to review alternative funding sources; and, in March 2019 a further update report on progress had been provided. The business plan had been thoroughly reviewed to ensure its viability going forward. The issue of addressing fuel poverty had now been incorporated, as noted in paragraph 1.3.3 of the report. The Business Plan had been independently reviewed by KPMG.

4.            The aims and benefits of Energetik as set out in the report. Appendix A to the report outlined the heat network update summary.

Alternative Options Considered: As detailed in Minute No.15 below.

DECISION: The decisions of Cabinet were set out in Minute No.15 below, Report No.78 referred.

Reason: Energetik had already had a positive impact on the customers living on its heat networks, with fair pricing and a high quality of service. The second investment in Energetik would allow the company to realise the remainder of its business plan, to serve over 10,000 homes and businesses in Enfield and beyond. The company’s aims and objectives were aligned with the Council’s key strategic goals, and would contribute significantly to the Council’s carbon reduction targets, improve air quality in the area and provide environmentally friendly energy to Enfield residents at a fair price.

(Key decision – reference number 4642)