Alkane Energy PLC AGM Statement and Trading Update (6643D)
01 Maggio 2013 - 8:00AM
UK Regulatory
TIDMALK
RNS Number : 6643D
Alkane Energy PLC
01 May 2013
1 May 2013
Alkane Energy plc
("Alkane" or the "Group")
AGM statement and Trading Update
The Board of Alkane will make the following statement on current
trading at the Group's Annual General Meeting to be held at 11.00
a.m. today.
Output in the first three months of 2013 has reached 51GWh. This
represents a 70% increase on the same period last year. The 2013
figure includes the full impact of the acquisition of Greenpark
Energy Limited which completed in April 2012. The quarterly growth
in output on a pro forma basis would have been 27%. Growth in
output has come across both the Group's CMM baseload generation and
our power response activities.
Market selling prices have remained relatively stable and the
Group now has 90% of expected 2013 output contracted at GBP53/MWh
and 15% of expected 2014 output contracted at GBP54/MWh. Forward
prices are currently showing incrementally higher prices with
supply tightening as generating capacity is being
decommissioned.
The project pipeline is progressing with a number of good
prospects reaching the key drill stage. If successful these new
sites should benefit 2014 and beyond.
The workload of the design, build and operate business is high
and we are focussed on the build phase of a number of biogas and
onshore gas projects.
Neil O'Brien, Chief Executive Officer, commented:
"We are pleased with progress in the CMM and power response
businesses. Forward market prices are beginning to reflect the
tighter generation market as major power plant capacity closes or
is mothballed.
Our strategy remains to increase capacity to take advantage of
these rising prices."
For more information please contact:
Alkane Energy plc
Neil O'Brien, Chief Executive
Officer
Steve Goalby, Finance Director 01623 827927
Altium Capital Limited
Adrian Reed
Andy Clarke 0845 505 4343
VSA Capital Limited
Andrew Raca 020 3005 5000
Hudson Sandler
Nick Lyon
Alex Brennan 020 7796 4133
www.alkane.co.uk
Background Information
Alkane Energy is one of the UK's fastest growing independent
power generators. The Company operates mid-sized "gas to power"
electricity plants providing both predictable and fast response
capacity to the grid. Alkane now has a total of 70MW of installed
generating capacity and an electricity grid capacity of 89MW.
Alkane's main operations are based on a portfolio of coal mine
methane ("CMM") sites. Alkane has the UK's leading portfolio of CMM
licences, enabling the Company to extract gas from abandoned coal
mines.
As CMM declines at any one site Alkane retains valuable
generating capacity and a grid connection which we can move to
power response. Power response sites are connected to mains gas and
produce electricity at times of high electrical demand or in order
to balance the electricity grid. Alkane now operates 25MW of power
response on mains gas.
The Group operates from 20 mid-size (up to 10MW) power plants
across the UK, 13 CMM only, 4 mains gas only, and 3 using both fuel
sources. We use standard modular reciprocating engines to generate
the electricity, and sell this power through the electricity
network. The engine units and other plant are designed to be
flexible and transportable allowing additional capacity to be
brought onto growing sites and underutilised plant to be moved to
new sites to maximise efficiency.
Alkane has a range of core skills encompassing the entire
project development cycle including planning and permitting,
sourcing plant and managing the build and commissioning stage. This
is enabling us to establish a Design, Build & Operate ("DBO")
business for third party clients in the biogas and oil & gas
industries.
The Group has more than 800km2 of acreage under various onshore
Petroleum Exploration and Development Licences ("PEDLs"). Alkane
retains a full 100% interest in the majority of these PEDLs, which
extend to all of the hydrocarbons recoverable from these licence
areas. This includes any CMM, natural gas, coal bed methane ("CBM")
and shale gas.
More information is available on our website
www.alkane.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEASLEDSSDEFF
Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Lug 2023 a Lug 2024