Who actually went to the AGM, page-8

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Megafauna

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08/11/14

09:59

Post #: 14256723
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Originally posted by Kiwigats ↑

The last question MO took before the chair called an end to the meeting was about RI so that is how it came up. He did not specifically say what contractual arrangements remain with EDF, but he did say he is confident they are still very keen and involved in renewables and realise they have à gap in their portfolio without wave energy. Hence their ongoing interest in CWE.
Now RI was before my time so you will know à lot more then me but in à nut shell My understanding from MO yesterday was that EDF purchased the rights to the plans and then contracted the project out to DCNS. Whilst DCNS Are à very large and successful organisation they had no particular expertise or experience in this field. They procceed to make exensive modifications -one example MO quoted was in order to save weight so whilst there rational may have been sound, their lack of experience meant by doing these mod's meant that the unit was doomed from that start as the parts they took out meant it would not be possible to deploy the unit.
I gather that över the stretch as EDF have seen CWE get ever closer to bringing PWEP to reality they have developed à deeper respect for CWE as they realise first hand how difficult it is to develop this Technology, and CWE have no doubt come à long way in the intervening period so that would make à large risk-averse organisation like EDF more confident that they should trust CWE rather then unilaterally change the designs.
A couple of other points that I forgot to mention last night that may be of interesting was that it was noted the financing is geting easier to obtain as CWE gets closer to à commercial reality, as opposed to à concept, which is understanable but was reassuring to hear none the less.
The other thing was in relation to where they might sell units-the aim is quite simple-to which ever projects provide the highest ROE which tends to be sites where the feed in tariffs are high which is often islands.

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Islands that have fairly large populations and waves, like Bermuda (65,000), Reunion Island (840,000), Ireland (4.5 million), Java (141 million).

CWE Price at posting: 5.3¢ Sentiment: Hold Disclosure: Held
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Who actually went to the AGM, page-8

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