Interserve Share Discussion Threads

[aendjo] 05/11/2018 22:00

Interesting post by Ms Nadine Peatfielf (councilor for Sinfield) this evening. Publicly available on FB, copied unabridged.

Response from Mr Incinerator to questions:

Katy Lake
I would like to ask the EA to inform us of acceptable noise limits from the incinerator and get noise readings from it at its noisiest, particularly next time enough of us complain, and publish the readings so we can see if they are in breach of regulations.

This is clearly a question for the EA but as Mark has previously explained, whether the plant is a nuisance is at the discretion of the EA officer to determine

Steven Taylor
Why has no liquidated or ascertained damages (LAD's) been set into the contract? These are standard boiler plate clauses in contracts to reimburse on delays. If they are why are they not enacted to compensate the local residents affected by the unacceptable delay.

The Contract has a number of other legal and financial protections for the Councils, but not LDs as such

Kathleen Woodward & John Woodward
How much power will the plant actually release to the grid in terms of KWH per ton?

The figure historically quoted by RRS in respect of target plant power output to grid is 64000Mwh/annum or 64million kWh/annum
Assuming the sum is calculated just on waste through the gasifiers, rather than total inbound waste, then the answer to the question is 64 million KWh/140400t = 456KWh/t
Based on average consumption of an average UK domestic dwelling of 4600kWh/a, this annual power to grid output equates to the amount of power consumed annually by 14000 homes, which is roughly 1 in 7 of the households in Derby City-data previously quoted publically on many occasions

Will it meet its targets for waste to power conversion?

RRS is confident based on commissioning trials to date that the site will meet its power generation targets but it is of course still early days and the plant is not yet in Full Service

Given that reductions in the subsidies paid to incinerators by the government seem increasingly likely, is the plant confident that it can increase its earnings from power generation make up the shortfall?

Incineration tax has been mentioned in the media as a possibility but as yet there is no information from the Government regarding how this might work, and a full and lengthy consultation is likely before any such change came in. RRS would anticipate that any such change in taxation would be a ‘Change In Law’ event within the Contract and therefore any such new cost would be passed back by RRS to the Councils in full- but that would only be confirmed if and when the full facts were available

One key promise of the new plant was that there would be local jobs. How many of the employees are from the local wards? How many senior employees?

I cannot speak for ‘promises̵7; made at the time of the initial public enquiry, however RRS has run 2 jobs workshops within the community which were well publicised and well received at the time. Current employment statistics are that 50% of recruits are from within Derby/Derbyshire and within this, 25% of recruits are from the Derby City catchment. The main reason that 50% are from outside Derbyshire, is that a considerable number of operatives needed to run the gasification part of the plant came from the power plants in the Staffordshire area and brought specific expertise.
We still hope to fill some of the remaining mobile plant, weighbridge and cleaners jobs from the local area and have a number of local candidates who we have interviewed. though these jobs cannot commence until the site is handed over to Renewi from Interserve
Our policy will always be to seek the best candidates available at the time of hiring on a fully equal opportunities basis and therefore irrespective of where they live

One key promise of the new plant was that local residents would experience no odour, why have there been odour problems and how will the plant prevent further failings?

I cannot comment on statements that may or may not have made by RRS many years previously. RRS is fully committed to running the Sinfin plant without causing an odour nuisance but recognises that during the commissioning process on a complex facility there have been times when odour control has been less than fully effective. We remain committed to working with ICL and the EA on a fully transparent basis to resolve any outstanding odour management issues; and we believe we are now making good progress to address these

Given that the NCBI says that “...process of waste incineration poses a significant threat to public health and the environment”, is there any plan to compensate local residents for health impact or reductions in property prices?

RRS does not believe the NCBI statement to be accurate and is very happy that the Sinfin facility is meeting and will meet its emissions obligations under its environmental permit

Given that all the way through the planning process the residents of Railway Cottages on Sinfin Lane were told their housing was safe and there would be no impact, how does the company feel about/justify their eviction?

The current management of RRS have seen no evidence to support that statement, but in any event know from personal inspection that the quality of housing at Railway Cottages was extremely low, the challenges of operating a major facility so close to a row of houses would have been enormous, and so the solution of purchasing at open market value and demolishing the properties was on balance the best outcome. RRS of course regrets any distress tenants may have suffered. RRS did not deal directly with tenants, the 5 properties all having been owned by the same landlord -and notes that not all were occupied at the time of their purchase

Given that the EA concluded that “the noise assessment to which the commissioning report refers would not sufficiently cover operating in bypass mode for an extended period during the operational phase of the site.” and that “To do so would require further assessment and measures in place.” And given that “Renewi and Interserve have accepted that there has been an issue” what actions do the incinerator propose for moderation of noise pollution for future steam bypasses that they have already stated are a planned contingency for certain running conditions?

Noise data during bypass conditions is still being collected by ICL for discussion with the Planning Authority.If the LPA or the EA determine that additional mitigation is required during any bypass conditions then ICL will be asked to make proposals. It is however expected that during normal operating conditions (unlike during commissioning) bypass events will be rare

Considering the age of the bridge by the entrance and the heavy traffic created by the incinerator, is the incinerator to be contributing anything towards its upkeep?

The WTC’s contribution to overall traffic levels on Sinfin Lane is actually very small. Any questions regarding the age and condition of the rail bridge would be for the Highway Authority or Network Rail

Are there any plans in place to monitor the increase in traffic pollution from the site traffic and was this included in the environmental impact assessment?

Traffic was included within the EIA for the site and as stated above, the incremental impact of the WTC related traffic is considered minor and will not therefore lead to any significant increase in traffic pollution. Any monitoring of pollution levels within the City Highway network is a matter for the City Council

How is the incinerator going to humanely keep seagull numbers down now that they have been attracted to the smell and have apparently had a negative impact on local bird populations?

RRS has not seen any evidence whatsoever of seagull numbers in the area increasing as a result of the arrival of the WTC- indeed it is very rare for even a single seagull to be seen on or above the Sinfin site, and any seen in Sinfin are far more likely to have migrated in from neighbouring farmland. Any further questions on this matter would be better addressed to the Derbyshire Wildlife Trust

When is the plant planning on delivering on its commitment to hosting school parties and groups for educational purposes?

The plant’s Education Centre will be ready to open at the same time as the plant goes into Full Service and will offer an excellent delivery of environmental programmes for local schools and organisations. In the meantime a similarly high standard of educational services delivery is being achieved by visits from a full time Waste Education Officer to local schools in the City and across the County

Will impact monitoring be done in-house or will the company hire neutral third parties to monitor for concerns?

RRS will use both in-house monitoring and external monitoring by various test laboratories which all have full accreditation in accordance with the relevant British Standards

Given that the plant has already failed on its promises to the residents of railway cottages, on issues of odour and also on its promise that the plant would not cause more noise than Rolls Royce, how does it intend to win back public trust?

RRS understands that trust is only gained over time by it delivering on its operational, contractual and environmental compliance obligations- and intents to work in a transparent way with Council clients, neighbours and regulators alike, That said, it is operating a complex facility which from time to time will not work in a 100% perfect fashion. RRS undertakes to be honest about its successes and failures, and asks its neighbours when questioning its performance, to do so in an equally fair and transparent manner

Given that the plant claims it communicates about the matters in hand, what channels are the plant using to communicate issues externally, as local residents are not receiving any form of communication from the plant and knowing what channels to monitor for information would be useful to understand the situation?

RRS has recently issued its 3rd Community Newsletter to residents which is currently being hand delivered to around 5000 homes closest to the WTC facility. It communicates regularly with the CLG on a variety of issues so that the Group can pass on information through its own Neighbourhood Boards, attends said Boards when invited, and of course keeps both Councils and the regulatory agencies closely appraised. RRS is open to other suggestions that would enhance communication with local residents as long as these are both practical, and managed by all sides in a professional and courteous manner

Jonathan Eccarius
Who is going to monitor the noxious output when or if this incinerator ever gets working full time

RRS believes there is no evidence whatsoever that the output from the gasification plant is noxious. Indeed the stack is continually and intensively monitored on a 24/7 basis through a system called ‘CEMS’ which has to be provided to the Environment Agency and the Councils in accordance with the Contract and the Environmental Permit to ensure the facility remains at all times within its permitted limits. The site is already working very close to full output and as expected and as per design and permit, emissions levels are extremely low

[cfc1] 05/11/2018 19:21

sbs stop the lunchtime monday boozing!!!!!!!!!!!!!

[sbs] 05/11/2018 13:09

Misread your comment as 6 working days - and discovered emoji don't work on the phone!

[sbs] 05/11/2018 13:08

6 working weeks till Christmas in my company ?

[cfc1] 05/11/2018 13:03

still not a word from Interserve? Amazing really. Now only 6 real working weeks till Christmas!!!!

[eodfire] 05/11/2018 13:01

Thanks for the link Dan. Not very nice to live near something like this... Interesting to read some of the comments but obviously one sided. Biggest / only problem with sites like these are if they happen to be built on your doorstep. For most, if not on your doorstep you won't be bothered by it?

[eodfire] 05/11/2018 12:28

Unfortunately the whole sector has been in a downturn. Hopefully things will change soon. Some disposals would definitely help in decreasing debt. Yes, there is no guarantee that this is happening but you (well, maybe not actually you...) would like to think these deals are currently being worked on intently by the bod?? Maybe I've made the wrong decision when I bought in but I'm happy to wait. I still have trust in the new bod. Like many others, I'm annoyed with the lack of positive news but I'm ok with waiting. A good contrarian investment at these levels imo.

[eodfire] 05/11/2018 11:55

Fair enough, so deramping until you are ready to go long. Have you a target sp?

[fenners66] 05/11/2018 10:53

Capita plc ('Capita') announced on 12 July 2018 the sale of its parking
management business, ParkingEye, to Macquarie Principal Finance and funds
advised by MML Capital Partners.

Capita confirms today that it completed the sale of ParkingEye on 2nd November
for a cash consideration of GBP235 million, concluding the planned disposals
announced earlier this year.

That took nearly 4 months to complete. It looks like Capita are at least 4 months ahead of IRV despite starting 6 months behind - but I have not read about their directors paying themselves huge bonuses....

[fenners66] 05/11/2018 10:08

Thanks dex.

I raised points that I did not agree with on GVC years ago - the idea that they gave away business in Malta(?) for nothing and did not look after shareholders interests ... I kept up with the discussion though and had to change my mind and bought some.

I did report that I had done that and admitted that despite my disquiet I did get on board in the end - subsequently the share price has soared.

There are many shares worth adding to the debate on, that I would not touch with a bargepole though....

[dexdringle] 05/11/2018 08:58

fenners - no offence intended.

Re those with no actual interest surely these fall into two camps:

1. those not sure whether they are worth buying / shorting
2. those who believe they are worth buying / shorting

Type 1 don't know enough to make a judgement. Type 2 should have the courage of their convictions and do it (so they shouldn't be non-holders).

Ultimately though, what anyone say on here should be taken with a pinch of salt of course as any of us could be a 12 year old sitting in his or her bedroom bored...!

Very few boards have sensible discussion. See Debenhams thread for an exmple of a truly terrible one. There are a few people whose names you look out for (yours being one) who you can have some confidence that what they say has merit (even if you don't agree with it).

[fenners66] 05/11/2018 08:40

"hey chaps, are these worth buying?"

Try stress testing the debate - raise relevant points and see what answers you get, you may find out some stuff you did not know , and you can then corroborate.....

That is what makes these boards useful

[fenners66] 05/11/2018 08:38

so dex - you would ignore what people say , not based upon whether it made sense or not , but based upon whether they had an interest in the shares......

So if one declared they were long or short and talked boll*cks that would grab your attention , but anyone making sensible points without a declared position, you would ignore.......


Each to their own....

My position is .... I have never been short or long here , missed out on the short , not yet interested in the long.....

[dexdringle] 05/11/2018 08:26

fenners66 "dex you always take a position before asking questions / making observations on a BB ?"

Yes. What else am I going to do ? Go on and say "hey chaps, are these worth buying?"

Of course I'll sometimes look at threads for shares I'm considering buying to see what people are saying. Having said that, such a strategy is likely to result in a non purchase given the aggressive divergence of opinion on pretty much every thread.

I still think that declaring position at the end of each entry would help sort the wheat from the chaff. Or, more importantly, allow you to discount the opinion of those who do not declare so you can tell the serious punters from the trolls / dreamers / those with no skin in the game. Yes, people could make up a position but what would they gain from doing that as it would be obvious if their declared holding didn't match their comments ? If they are talking the share down and don't declare a short interest or talking it up and don't declare a holding them they can be ignored (type thing).

No harm people with no position asking questions but would be useful if they declared that.

Holding 8000 shares at average £1.56

[sbs] 05/11/2018 07:32

Shorting is evil - but a necessary evil.

[fenners66] 04/11/2018 23:58

dex you always take a position before asking questions / making observations on a BB ?

Surely there is no point then ?

I mean using the board to help form your opinion as to whether to buy etc, would be useful - but once you have taken a position its too late....

[fenners66] 04/11/2018 23:55

eodfire what part of this do you think is wrong then ?

"Presumably the news is nothing has happened and that runs contrary to the debt reduction "plan" which means that forecast interest charges are going to have to be revised upwards, which in turn increases debt."

After that I would say that the bonuses thing is a little tongue in cheek - however I would not be surprised to find they do award themselves an annual bonus.

[dexdringle] 04/11/2018 15:19

It's odd really. I doubt many people on here are short or even have the wherewithal to be. I suspect people being relentlessly negative, without declaring being a stale bull, are just gloaters who have nothing better to do.

I don't remember ever contributing to a thread where I didn't have a position.

[dexdringle] 04/11/2018 15:18

Duplicate post

[eodfire] 04/11/2018 14:28

Agree, a little transparency on individual positions would be good. I don't think you need to be a neurosurgeon to work out peoples positions after a few posts however. Sorry to hear about your paper loss dex. Hopefully you're going to hang in there but good luck with whatever decision you make. Tide will turn imo.

[dexdringle] 04/11/2018 14:06

Annoyed 'longs' regretting their purchase and sitting on huge paper losses can also be negative. This can give the impression of de-ramping but comes purely from frustration.

These boards would be do much better if everyone ended their posts with a declaration of position.

Holding 8000 shares at average £1.56

[eodfire] 04/11/2018 13:57

You must be shorting fenners. Give us some honesty and I'll congratulate you on your recent trading here. There would be no reason to deramp as hard if you were just observing from the side lines.

[whyyy] 04/11/2018 11:19

Yes Fenners, bonuses, increasingly it feels that's what this board is all about. And what on earth have they done to deserve one recently?