We’re exposing environmental and financial goings on at Stanlow in Cheshire.
This is only the beginning. Sign up to our newsletter to stay informed.
Summary of Concern
In 2024, EET Fuels reported a £69million loss, despite generating billions in revenue—raising red flags about financial mismanagement and underinvestment.
EET is a key player in HyNet, a government-backed decarbonisation cluster receiving a share of £21.7 billion over 25 years, yet its specific funding allocation remains undisclosed.
The government has not published detailed, project-level spending data, making public scrutiny nearly impossible.
Further Details
EET has delayed supplier payments and shown minimal reinvestment in UK operations, suggesting profits may be diverted elsewhere.
There is no transparency on how much taxpayer money EET receives through HyNet or how those funds are protected.
These patterns echo the Thames Water crisis, where financial instability and regulatory failure led to public bailouts.
Why This Matters
Without clear safeguards, public funds intended for decarbonisation risk being diverted to routine maintenance or used to cover financial shortfalls.
Many ‘green’ infrastructure upgrades—such as furnaces, pipelines, or boilers—can serve dual purposes, making it difficult to distinguish genuine innovation from business-as-usual spending.
The lack of transparency around funding allocations raises the risk that industry is stacking multiple grants and subsidies, potentially accessing far more than the headline £21.7 billion earmarked for decarbonisation.
Impacts on the Public
- Taxpayer money could be misused to subsidise private operating costs.
- Missed opportunities for genuine climate innovation.
- Erosion of public trust in climate policy if funds appear to be corporate handouts.
- Risk of future bailouts if infrastructure fails due to underinvestment.
Safeguards That Should Be in Place
- Ring-fencing: Separate decarbonisation funding from maintenance budgets.
- Independent audits: Verify how funds are spent.
- Conditional funding: Tie disbursements to measurable carbon reductions.
- Transparency: Publish project-level funding data for public oversight.
Bottom Line
Without transparency and oversight, there is a real risk that companies like EET could use public decarbonisation funds to prop up existing operations—undermining both climate goals and public trust.