‘Only a 50% hike in gate fees makes waste plant figures add up’
Monday 1st June 2009, 1:00PM BST.
GATE fees will have to rise by 50% to pay for Public Services’ preferred waste plant, according to a financial expert.
Rupert Dorey, a former head of Credit Suisse’s sterling credit sales and a current non-executive director of a number of finance-sector companies, said the department’s sums did not add up.
Mr Dorey calculated that the project would not be self-funding unless gate fees rose by half and called for Public Services to be open about the true cost.
‘PSD say the lifetime cost of phase one of the plant is £114.5m.,’ he said.
‘The repayment of the interest and principal alone is £136m.’
Including the incremental operating costs (excluding financing), he put the lifetime cost at £174m. – ‘50% greater than what PSD admitted to in their publicity documents’.
‘Both the minister and officials said that this apparent increase in costs was countered by guaranteed revenue streams from recyclates, but that this would remain a secret. There is an unacceptable level of obfuscation and secrecy surrounding this whole process. We deserve to be told.’
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No doubt the bulk refuse scheme will also be axed in order to help this crazy environmental disaster recoup its start up costs as quickly as possible?
If this is the case there will be many fly-by-night fly-tippers busy on the Island.
It would be much more preferable to do a land reclamation!
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dear oh dear mass burn F
still up to your old tricks, youv`e been in politics far to long (god knows how)
just go,
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Can we believe anything bankers say any more, their recent track record is not good is it? Do his numbers add up?If they do perhaps that’s the real cost of dumping refuse on a small island.
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Curbside recycling = too expensive?
Big incinerator thingy costing circa £174,000,000 = just right?
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Mrs P has missed the point entirely. Why on earth would Bernie Flouquet want to go for the cheap, practical, sensible, effective solution, when he has the opportunity of putting in facility, that will have “Bernie Flouquet Facit” in big letters over the door! Alternatively, if the States don’t approve this, he may also try his age old trick of “putting something in as an experiment” (also known as that idiotic fixture, the Admiral Park lights!
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