It is saddening to see Whalley Community Hydro plan to launch their shares with such a high entry price of £250. This sum, which must be regarded as risk capital, may be more than many people in the area can spare, resulting in only the “better off” participating.
Worse still, the hundreds of thousands of pounds generated by selling the hydro-electricity intended for the benefit of all residents and the environment will be controlled, almost feudally, by these “better offs”.
Community schemes should involve as many local people and be as democratic as possible, especially when local parish councils have contributed financially and local people have given their services for no monetary gain.
I am asking local people to contact the directors and request they issue 1,000 shares at £10 which can only be purchased by residents living in the locality. This would ensure the control of profits made in our community are in the hands of our community and are not at the whim of investors who could be living many miles away.
The websites at whalleyhydro.wikidot.com and www.whalleyhydro.co.uk give more details.
W. A. Kembery