This post will track how CoPower is actually spending its electricity revenue as per the democratic budget to cover spending from 1 April 2021 to 31 March 2022.
First, a note on how CoPower’s electricity revenue works. We have a retail partnership with Energy Locals that sees us getting paid $12.50 per full quarter that a customer member is with us. We will soon be updating this arrangement and as we grow it will likely be more advantageous for the cooperative. On current tracking, however, it means we might not see a significant revenue uplift April 2022.
If we secure an updated arrangement the key details will be posted here to show how it’s impacting our revenue.
Total electricity revenue (as at 15th December 2021)
June Quarter income: $1,500
September Quarter income: $1,557.50
December Quarter income: not yet paid
March Quarter income: not yet paid
Total spend (as at 15th December 2021)
Customer members have voted for 30% of the cooperative’s revenue to cover its operations, liabilities and building its capacity. The table below outlines the remaining 70%.
|Project||Revenue allocation||Paid to date||Variance||Comments|
|International climate justice||10%||$305.75||0||Revenue paid out to APHEDA’s climate and energy proposals as per the endorsed budget.|
|Invest in Solar PV||10%||$305.75||0||Revenue paid out to the Energy Innovation Co-operative’s Southern CORE Fund as per endorsed budget and consultation on allocation.|
|Worker strike fund||15%||$500||+1.35%||$500 donation made to striking country road workers. While slightly over proportion to date, this can be evened out over the remaining quarters.|
|GreenPower +||10%||$0||-10%||Payment of additional GreenPower will require renegotiating all offers. This should go back to customer members in early 2022 to see whether this should be done or whether the same funds should be directed to increasing payments to community owned renewables.|
|Subsidise bills for workers on low to no incomes||25%||$0||-25%||Expressions of interest have been sought from member organisations as to cohorts that would particularly benefit from this solidarity. UWU identified farm workers, many of whom are seasonal workers from Pacific nations. Putting money for this budget period to these workers was voted up by customer members. Payments should commence in January or February.|