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Windshare 2007 AGM Welcome Members. Windshare 2007 AGM Welcome & Introductions Special Video Introduction 2006 Windshare Board Paula Boutis John Binns.

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Presentation on theme: "Windshare 2007 AGM Welcome Members. Windshare 2007 AGM Welcome & Introductions Special Video Introduction 2006 Windshare Board Paula Boutis John Binns."— Presentation transcript:

1 Windshare 2007 AGM Welcome Members

2 Windshare 2007 AGM Welcome & Introductions Special Video Introduction 2006 Windshare Board Paula Boutis John Binns Rike Burkhardt Evan Ferrari Jennifer Jeffery Birthe Jorgensen Rose Kudlac Treasurer - David Robertson

3 Windshare 2007 AGM Welcome Special Video Introduction

4 Windshare 2007 AGM Agenda (motion to approve agenda) 1. 1.WELCOME & Introductions 2. 2. AGENDA REVIEW 3. 3. APPROVAL OF MINUTES 2006 AGM 4. RECOGNITION of Board & Staff: 5. BOARD ELECTIONS: 6. COFFEE BREAK 7. WINDSHARE BOARD REPORT 8. TREASURER'S REPORT: 9. ELECTION RESULTS: 10.L lakewind 11.ADJOURNMENT 12.ANNOUNCEMENTS

5 Windshare 2007 AGM APPROVAL OF MINUTES 2006 AGM Paula Boutis

6 Windshare 2007 AGM RECOGNITION of Board & Staff Birthe Jorgensen Rebecca Black Jennifer Gaudette Simon Gill

7 Windshare 2007 AGM BOARD ELECTIONS Seven Member Board Three year terms Open to members and members in waiting One vacancy to fill tonight Nominations from the floor?

8 Windshare 2007 AGM BOARD ELECTIONS Each Candidate will have 2 minutes

9 Windshare 2007 AGM BOARD ELECTIONS -Election ballots to be submitted into Ballot Boxes -Ballots will be counted over Coffee Break

10 Windshare 2007 AGM WINDSHARE BOARD REPORT   WINDSHARE BOARD REPORT – A year in Review:   a) Year Overview   b) Administration   c) Communications   d) Technical and Production   e) Financial Report

11 Windshare 2007 AGM Overview of 2007 WINDSHARE BOARD REPORT Overview of 2007  -Social (political) impact on public policy and awareness, community power  -Environmental CO2 emission reduction  -Financial – close but not there yet>Successful at making policy and political change  New Investments – trials and tribulations  Lakewind  Constraint Area

12 Windshare 2007 AGM Proposed Business Partnership Structure Lakewind Power Co-op (Joint Venture) Lakewind Bervie Project WindShare I & II (New Share Capital Co-op) Countryside Energy Co-op (Share Capital Co-op) THESI Toronto Hydro Energy Services Ex Place Turbine (Joint Venture) EF Special General Meeting June 2006

13 Windshare 2007 AGM Lakewind Update WINDSHARE BOARD REPORT Lakewind Update Ed Hale

14 Windshare 2007 AGM Coffee Break

15 Windshare 2007 AGM Administration WINDSHARE BOARD REPORT Administration  Until Fall 2006, WindShare was largely volunteer operated and managed with some part-time membership support from Kit Chapman  After membership approved Lakewind Project in June 2006, we had access to three new staff members  With the uncertainty of Lakewind, we are back to relying on volunteers and Board Members for WindShare administration  Examining possibility of hiring new part-time administrative staff member Jennifer Jeffery

16 Windshare 2007 AGM Administrative Committees  Joint Venture (WindShare & Toronto Hydro)  Rose Kudlac, John Binns, Evan Ferrari  Technical Committee  Rose Kudlac & John Binns  Finance Committee  (David Robertson, looking for new treasurer )  Communications Committee  Jennifer Jeffery  Admin  Riki Burkhardt Jennifer Jeffery

17 Windshare 2007 AGM Communications WINDSHARE BOARD REPORT Communications  Member newsletters distributed in May, August, and December  Lakewind Information Session held in June with background package sent out in advance  Letter campaign to Premier and Minister of Energy (re: transmission constraints) in November Jennifer Jeffery

18 Windshare 2007 AGM www.WindShare.ca Jennifer Jeffery

19 Windshare 2007 AGM 2007-2008 Communication Plan  Current staffing limitations  Updates on Lakewind Project as applicable  Quarterly newsletters  Production and financial data available quarterly on Members section of website  Regular website updates as applicable Jennifer Jeffery

20 Windshare 2007 AGM Technical and Production WINDSHARE BOARD REPORT Technical and Production   Production   Primary technical incidents   Ongoing issues   Moving Ahead Rose Kudlac

21 Windshare 2007 AGM Sep-March

22 Windshare 2007 AGM Sep-March

23 Windshare 2007 AGM WINDSHARE BOARD REPORT Technical and Production Rose Kudlac - 4 months only

24 Windshare 2007 AGM

25 Technical and Production WINDSHARE BOARD REPORT Technical and Production   Technical Issues   Line reactor problem in September (xx days downtime)  Diagnose problem  Quote for repair vs. replacement  Decide to purchase from Bettink in the Netherlands – shipment took a week  We decided to install in a separate cabinet to prevent problem in future, lower cost to do it immediately. Rose Kudlac

26 Windshare 2007 AGM Technical and Production WINDSHARE BOARD REPORT Technical and Production   Intermittent problems since summer  blade pitch motor controller  Jetway communication alarms  Blade pitch motor batteries and chargers (in winter)  Converter alarms   Challenges responding  Remote access – difficulty in dealing with shoebox  Going on site  complexity – even Johan Top said “I don’t know what to do next” Rose Kudlac

27 Windshare 2007 AGM Technical and Production WINDSHARE BOARD REPORT Technical and Production   Leading to requesting technician from Bettink – Johan Top on site from Feb 6-12, 2007   Close to 100% availability since his visit   2 days training of McDowell staff, WindShare and THESI   Up to date parts inventory, including testing of spare parts Rose Kudlac

28 Windshare 2007 AGM Technical and Production WINDSHARE BOARD REPORT Technical and Production   Achieved:  emergency response procedures, lockout safety procedures,  inventory process  IT consultant capable of handling shoebox!  remote access: Using VNC to access the turbine through modem since Dec. 06   Ongoing issues  rust,  sagging cables,  replacing shoebox with more ‘modern’ machine Rose Kudlac

29 Windshare 2007 AGM Technical and Production WINDSHARE BOARD REPORT Technical and Production   Ahead   internet connection –  opportunity for volunteers to get involved in monitoring  one person is engaged in data analysis   good shape re inventory and spare parts   Improved admin – e.g. purchase orders   planning for spring maintenance   operation is excellent Rose Kudlac

30 Windshare 2007 AGM Treasurers Report WINDSHARE BOARD REPORT Treasurers Report Dave Robertson

31 Windshare 2007 AGM Treasurer’s Report  Audited Financial Statements  Balance Sheet  Operations statement  Income Tax  FY 2007 Forecast

32 Windshare 2007 AGM Treasurer’s Report  Auditors:  Cowperthwaite Mehta Chartered Accountants  Phil Cowperthwaite is present tonight to address any questions

33 Windshare 2007 AGM Treasurer’s Report  Fiscal Year – Oct 1, 2005 to Sept 30, 2006  High operating costs to recover from downtime  High operating costs direct result of no warranty  Low overhead expenses  Negative operating income  Large account due from Thesi – rebilled maintenance costs  Refunds to shareholders for shares not replaced  Significant reduction in cash  Cash shortage funded by EC loans

34 Windshare 2007 AGM Balance Sheet Assets (page 1) Current Assets 20062005 Cash$169,788$233,311 Accounts Receivable $67,21030,230 Inventory –parts $10,02710,027 Prepaid expenses $16,70616,545 TOTAL$263,731$290,113

35 Windshare 2007 AGM Balance Sheet Liabilities/Equity (page 1) Current Liabilities 20062005 Accounts Payable & Accrued Liabilities $36,657$37,635 Current Portion Debt $150,000$150,000 Deferred Revenue $75,000$75,000 TOTAL CURRENT LIABILITIES $261,657$262,635 PHASE II FUNDS IN ESCROW $288,202$289,132 Member Equity Members’ Equity Share Capital $786,923$800,428 Accumulated Deficit ($108,721)($64,104) TOTAL MEMBER EQUITY $678,202$736,324 TOTALS$1,228,061$1,288,091

36 Windshare 2007 AGM Debt Financing Environment Canada Loans  $150,000 loan  0% interest  Continuing to attempt to negotiate timing of repayment or reuse of funds in next project

37 Windshare 2007 AGM Members’ Equity and Funds in Escrow (page 1) Members’ Equity 20062005 Preference Shares $786,500800,000 Membership Shares 423428 Funds in Escrow 20062005 Preference Shares 288,202289,000 Membership Shares ???132

38 Windshare 2007 AGM Balance Sheet Liquidity (page 1) Current Assets 20062005 Cash$169,788$233,311 Accounts Receivable $67,210$30,230 Inventory of Wind Turbine Service Parts $10,027$10,027 Prepaid Expenses & Rent Deposit $16,706$16,545 Total$263,731$290,113

39 Windshare 2007 AGM Balance Sheet Liquidity (page 1) Current Liabilities 20062005 Accounts Payable & Accrued Liabilities $36,657$37,6356 Current Portion Debt $150,000$150,000 Deferred Revenue $75,000$75,000 Total$261,657$262,635   Positive working capital $2,074 (2005, $27,478).   Working capital decreased by operating loss and large AR from Thesi.

40 Windshare 2007 AGM Statement of Operations  Total energy delivered to the grid by Sept. 30, 2006 was 946,342 KWH (2004; 866,003 kWh) (50% WindShare’s)  Issues  Downtime reduced revenue  High operating expenses  No warranty  Local electrical contractor  Brought in Bettink from Europe  Regular maintenance  Management on site no longer volunteer

41 Windshare 2007 AGM Statement of Operations Revenues (page 2) Revenue20062005 Power Sales & Management Fees $46,621$47,104 Turbine Management Fees $0$8,000 Windpower Production Incentive ($0.12/kWh) $5,759$5,678 Interest & Exchange gain $8,242$4,769 Total$60,622$65,551

42 Windshare 2007 AGM Statement of Operations (page 2) Expenses20062005 Turbine O&M $24,472$9,902 Management Fees 08,000 Insurance9,88311,265 Land Lease 1,0001,000 Realty taxes 5,7980 Professional Fees 17,05717,949 Wind Turbine Management Fees 05,000 Office Supplies 5,1251,314 Interest & Bank Charges 424193 Other2001,0253 Total$63,959$55,648

43 Windshare 2007 AGM Statement of Operations Operating Income & Net Loss (page 2) Operating Income & Net Loss 20062005 Revenues$60,622$65,551 Expenses$63,95955,648 (Loss) Income from Operations $(3,337)$9,903 Amortization$41,280$41,280 Net Income (Loss) $(44,617)$(31,377) Dividend paid 0(32,000) Deficit, open (64,104)(727) Deficit, close $(108,721)$(64,104)

44 Windshare 2007 AGM Statement of Operations Statement of Cash Flows Sources/Uses of Cash  Sources  Preference and Membership shares  Uses  Refunds to members  Refunds to members in waiting  Operating loss

45 Windshare 2007 AGM Income Tax  No Federal or Provincial payments expected in the short term  Capital cost allowance (CCA) rate 30% high in early years  Use only enough CCA to cover income  Non-capital losses can be carried forward and applied to future taxable income  Both CCA and prior losses deductible against future Lakewind income after amalgamation

46 Windshare 2007 AGM 2007 Forecast  2007 budget uses most conservative estimate of old PPA rate continuing month to month with THESI.  Use conservative estimate for operating costs  Operating costs include provision for introduction of maintenance contract  Only revenue & expenses for one turbine in budget

47 Windshare 2007 AGM 2007 Forecast  2007 budget shows operating surplus but net loss after amortization.  Continues to be not sustainable in the long term. Risk of more downtime and related repair costs remains high with no warranty.  Not enough economies of scale  No more dividends until sustainable operation

48 Windshare 2007 AGM Acceptance of Audited Financial Statements Motion:  To accept the Audited Statements for TREC WindShare Co-operative (No 1) Incorporated for Fiscal Year ended September 30, 2006

49 Windshare 2007 AGM Appointment of Auditors Board of Directors recommendation… Motion:  That Cowperthwaite Mehta Chartered Accountants be re-appointed auditors for TREC WindShare Co-operative (No 1) Incorporated for Fiscal Year 2007

50 Windshare 2007 AGM Standard Offer Contracts WINDSHARE BOARD REPORT Standard Offer Contracts Your 2007 Board: 1 – Rike Burqhardt 2 – Paula Boutis 3 – John Binns 4 – Jennifer Jeffery 5 – Rose Kudlac 6 – Evan Ferrari Treasurer – Dave Robertson

51 Windshare 2007 AGM Agenda 10. QUESTIONS & ANSWERS9:25-9:35 11.ADJOURNMENT9:35 12.ANNOUNCEMENTS9:35


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