Utility Week

UTILITY WEEK | 24TH - 30TH NOVEMBER 2017 | 9 This week Chief financial officer to leave Bristol Water Mick Axtell has a 12-month notice period but is 'looking for the next opportunity' Mick Axtell has resigned as chief financial officer (CFO) at Bristol Water and is "looking for the next opportunity", according to his LinkedIn profile. In a statement on the profes- sional networking site, he said: "Whilst I love the people, the company and the industry, I have decided that it is time for me to look for the next challenge." Axtell said his contractual terms require a 12-month notice period and he has resigned to be able to have "realistic conversations" about a future role. He added: "I am open to any ideas or suggestions of opportunities. I have a strong background in senior financial manage- ment, but also have wider experience in general man- agement, troubleshooting and managing change." Axtell joined Bristol Water in September 2013 as deputy finance director. He was appointed finance direc- tor in January 2014 and joined the company's board in the same month. He took on his current role of CFO in November 2015 and manages the corporate services directorate. This provides a dual role, offering business support and an independent review, helping the business achieve its "vision and strategic objectives". Prior to joining Bristol Water, Axtell held senior finance roles at German energy firm RWE. A spokesperson for Bristol Water said: "As noted, Mick will remain in position for the next 12 months, and it will be 'business as usual' for Mick and Bristol Water during this incredibly important time for the sector." KP ELECTRICITY £400m to support EV charging points The government is set to unveil £400 million-worth of support for the roll out of electric vehicle (EV) charge points in the Budget. Chancellor Phillip Hammond will announce a £400 million Charging Infrastructure Invest- ment Fund to improve access to finance for businesses delivering charge points across the country. The fund is designed to help the deployment of the infra- structure needed to support the switch to cleaner cars to reduce pollution. In addition, the government is investing a further £100 mil- lion for plug-in car grants, to help subsidise the cost of buying a battery-electric vehicle to support consumers making the move to zero-emission transport. The announcements of sup- port for EVs will be part of a wider £4 billion pot of funding to support the commercial devel- opment of new technologies. ENERGY Green Investment Group closes sale The Green Investment Group has completed the sale of its shares in 70MW of bioenergy and energy-from-waste assets to the Bioenergy Infrastructure Group. The transaction was con- cluded last week with the trans- fer of its 50 per cent stake in the 10MW Hoddesdon energy-from- waste facility to the new owner. The plant, which is under con- struction and due to be completed in 2018, will use advanced conver- sion technology to transform waste into gas, which will then be used to generate electricity. The Green Investment Group (formerly the Green Investment Bank) was sold by the govern- ment to a consortium led by Australian bank Macquarie for £2.3 billion in August. ELECTRICITY Next Energy Solar Fund eyes growth The chairman of the Next Energy Solar Fund said it was actively pursuing "multiple growth opportunities" as it published its latest set of financial results. The fund's interim results for the six months to 30 September show a profit of £14 million and earnings per share of 2.69p. The fund now has an investment portfolio of 58 solar farms with a total installed capacity of 539MW in operation. The portfo- lio generated 307GWh during the six months – 2 per cent above budget. Chairman Kevin Lyon said the fund made "excellent finan- cial and operational progress" in the first half of the year and "our investment manager is actively assessing and pursuing multiple growth opportunities". Axtell: ready to have 'realistic conversations' Stock watch 43 42 41 40 39 38 SSE SHARE PRICE, ONE MONTH (PENCE) 24 Oct 1 Nov 7 Nov 14 Nov 21 Nov INNOGY SHARE PRICE, ONE MONTH (EURO) Analysts at investment firm Jefferies have upgraded SSE to "buy" with a target price of 1,700p. They say the merger between SSE's retail arm and Npower will "create material synergies, improve visibility on SSE's under- rated network and renewable assets, and result in more focused business models". Since the deal was announced, SSE shares have dropped from 1,375p to 1,350p at the time of going to press. Innogy shares have fallen from €41.60 to €39.20 over the same period. 1,420 1,400 1,380 1,360 1,340 1,320 Finance & Investment 24 Oct 1 Nov 7 Nov 14 Nov 21 Nov

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