Ripple Energy - receiving bill savings

IainC2

I invested in Kirk Hill and have been receiving a small discount on my Co-op Energy / Octopus electricity bills.    I have recently discovered by chance that the '100% renewable energy' I thought I was buying is in fact 15 % nuclear.   As someone who has a lifelong objection to nuclear power, I am outraged.   Whether or not 100% renewable was ion the contract itself, it was the basis on which I signed up.   At the very least it is mis-selling. 

So I am switching supplier.   However since I no longer wish to be supplied by any of Ripple's partners, it seems I am unable to benefit from my investment or supposed 'ownership' at all.  Ripple are not responding to enquiries.   If I am not supplied by one of their partners, what happens to my 'bill savings' and how do I draw them down?   Alternatively how do I get rid of my shares altogether?  

powerful_Rogue

You'll never get electric that has come from just wind/solar/hydro through the cables to your property.

When companies talk about 100% renewable, most likey they mean 'We get 100% renewable electricity from traceable sources across the UK. For every unit of energy you use, we match it by buying a unit of energy from a renewable source.'

Newbie_John

Have you heard that Ripple went into Administration?

Exiled_Tyke

I would strongly recommend sitting tight.   We have been told that Ripple payments will be held up while a new system for managing them is sorted.  I think if you change supplier it will make things more complicated to keep track of your payments.  

If you are not happy with the suppliers on offer then in time you should be able to sell your Ripple shares. 

I think Octopus is one of the most reputable suppliers pushing for growth in renewables. No supplier is perfect however and ultimately they are all buying from the grid so exactly what your electricity mix is, is anyone's guess.  The worst for me personally is EDF as they build nuclear plants and describe it as  'zero carbon' which completely misses the point.    

Petriix

Your problem may have gone away with Ripple’s collapse. The Kirk Hill coop have formally severed ties with Ripple and are looking for alternative arrangements for making payments. For the time being, earnings will accumulate in the SPV's bank account. In due course, the coop board will establish a new system for paying the money out to us owners. After the meeting last week they put out a survey asking for our payment preferences and I believe many of us requested direct payment rather than the convoluted current "bill savings" system. Fingers crossed. 

paul991

Recently  been asked for our views on how the income is paid so worth waiting not that we have any other choice 

QrizB

IainC2 said:

I invested in Kirk Hill and have been receiving a small discount on my Co-op Energy / Octopus electricity bills.    I have recently discovered by chance that the '100% renewable energy' I thought I was buying is in fact 15 % nuclear.   As someone who has a lifelong objection to nuclear power, I am outraged.   Whether or not 100% renewable was ion the contract itself, it was the basis on which I signed up.   At the very least it is mis-selling. 

As mentioned above, it's physically impossible to avoid being supplied with nuclear power if you are connected to the UK electricity grid. Kilowatt-hours aren't labelled with which plant they came from.

IainC2 said:

Ripple are not responding to enquiries.

Ripple are no longer involved in the Kirk Hill wind farm.

IainC2 said:

Alternatively how do I get rid of my shares altogether?  

In principle you can sell them to someone else. But, as mentioned, right now is not a great time to be trying to do that.

Dogbyte009

It's been announced today that Ripple has been acquired by 1st Energy - see the Ripple forum for full details - so payments should resume once they sort out their systems.

Exiled_Tyke

Dogbyte009 said:

It's been announced today that Ripple has been acquired by 1st Energy - see the Ripple forum for full details - so payments should resume once they sort out their systems.

But isn't it the case that Kirk Hill have already removed themselves from being managed by Ripple and need to make new arrangements? 

Dogbyte009

Exiled_Tyke said:

But isn't it the case that Kirk Hill have already removed themselves from being managed by Ripple and need to make new arrangements? 

1st's statement says they've acquired the 'Assets, IT and Administration Services of Ripple Energy' and that they're in contact with the co-op boards and are focusing on Graig Fatha, Kirk Hill and Derrill Water.

It would make sense for the co-ops to stay onboard with what is an oven-ready solution.

Coastalwatch

Dogbyte009 said:

Exiled_Tyke said:

But isn't it the case that Kirk Hill have already removed themselves from being managed by Ripple and need to make new arrangements? 

1st's statement says they've acquired the 'Assets, IT and Administration Services of Ripple Energy' and that they're in contact with the co-op boards and are focusing on Graig Fatha, Kirk Hill and Derrill Water.

It would make sense for the co-ops to stay onboard with what is an oven-ready solution.

An interesting situation certainly and as far as I'm aware at least one of the coop boards have dispensed with Ripple management services which I believe they are allowed to do. I do not know if others may follow perhaps they are seeking quotations from elsewhere so this could be quite a prolonged exercise before a resolution is reached. While 1st Energy seem to suggest they are in the process of taking over the management duties from Ripple I'm not entirely convinced the coop boards feel the same way.