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https://www.thesaturdaypaper.com.au/news/economy/2021/11/27/what-does-shells-takeover-powershop-mean-green-energy/163793160012964>
"It’s been a bitter end to a beautiful relationship, marked by claims of
abandonment, betrayal and recrimination. The bust-up between the progressive
activist group GetUp! and the renewable power retailer Powershop has been as
messy as any divorce.
Seven years ago, when love was new, both parties were eager to tell the world
about their relationship, based on a shared commitment to fighting climate
change.
In August 2014, when they “partnered”, GetUp! committed to directing its
supporters to change their electricity supplier to Powershop. The power
company, for its part, promised it would contribute money to GetUp!’s climate
campaigning.
GetUp! hyped the so-called Better Power Campaign as its “massive next move”
against the “dirty three” big power companies – AGL, Origin and Energy
Australia – and the federal Coalition government’s attempts to weaken
Australia’s renewable energy target. It put a button on its website by which
supporters could go to Powershop.
In large numbers, they did. Somewhere between 15,000 and 20,000 – GetUp! was
unable to provide precise numbers when contacted this week – made the switch.
In return, the organisation received commissions from Powershop reportedly
totalling $2 million.
It was a happy marriage, until this week, when the news broke that Powershop,
or more correctly its parent company, New Zealand-based Meridian Energy, had
found a new partner. On Monday it was announced that a consortium comprising
the global oil and gas giant Shell and the infrastructure investor and manager
Infrastructure Capital Group (ICG) would acquire 100 per cent of Meridian’s
Australian assets, for a reported $729 million. Under the deal ICG will take
control of the generation part of the company, its wind and hydro assets, while
Shell will take over Powershop’s retail business and its 185,000 customers.
Very quickly after that announcement, things got ugly."
Via John M. at Cogent.co.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
