Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Chris,Great find and great news today ....not fully reflected in the trade price sadly...should have been as important for post FEED stage.
Nazareme this explains the situation of the continued availability of EU grant funding after Brexit for us you complete tool.
https://t.co/u23EDvLHi2?amp=1 ..............
UK to guarantee EU grants for agreed energy projects
(Reuters) - Energy projects that received or have agreed EU funding under the Projects of Common Interest principle before Britain leaves the European Union are guaranteed access to those grants, according to a British government paper issued on Thursday.
The release was one of a series of papers issued by the government that explain how it is planning for a "no-deal" Brexit scenario.
(Reporting by Sabina Zawadzki; Editing by Jan Harvey)
So your hoping the E U will fund you in Feb 2019.
Will they have 40 million to give when the UK pulls out.
Will the south of Ireland and the other EU countries afford anything.
Let's watch the EU head for the rocks after Britain takes away the lifebelt which has held up the EU.for many years.
Who will make up the short fall in the EU..
Antrim company seeks £40m EU grant to store UK natural gas
https://www.irishtimes.com/business/energy-and-resources/antrim-company-seeks-40m-eu-grant-to-store-uk-natural-gas-1.3664335?utm_source=dlvr.it&utm_medium=twitter
They are not Sales! The ones for 129499 and 148676 are my buys. You can't rely on them being recorded properly
AIM - Always Irrational Market!!??
No logic with Aim ....anybody jumping overboard now will not be rescued as the Captain is pushing that big lever forwards ...onwards ..stay confident !!
Dunno, but means we can buy more = )
Honestly can’t get my head round how this works .. who sells after this news
Worth remembering MB's expertise!! "Within the last five years Matthew has obtained significant experience and knowledge through working in a role as Head of Capital Projects for a UK regional government authority. He therefore, has significant experience with the EU funding framework. The Board believes that these skills are going to be very beneficial to InfraStrata and will ensure the Company maximises its potential in this area."
Wow indeed ..Yep .if you read and follow Spud,McCadder,Snowman and others here you will note that the BOD ARE on the case and ahead of the game as is The FEED schedule.Equity funding with E.U. And Gov. Grant Aid is the clue for the next stage ..stay confident and be assured thst even if the market wobbles with current world news and Brexit troubles SS Infa will ride the waves !!
Great news indeed but not for poor Naz who I imagine will be breaking out in cold sweats now.
Not direct treasury money, but guaranteed by the government.
Risk free to the lender!
I for one was not expecting a possible outcome like this!
Game changer if full £40million comes through, I would actually be extremely happy with 25% of that
Spud, are you saying that 40 from the EU grant, and the other 80 from HMTreasury in the way of a loan?
That would be like going to Heaven without dying. Don't think it works like that in reality.
65% of the capex is covered by the UK Guarantee Scheme (basically a bank loan)
Again!....BoD take a bow!
Yes, I was wondering that as well.
So the Capex for the first two caverns is estimated at £120mn. An EU grant of £40mn leaves £80mn to be funded, let's assume 1/3rd equity, 2/3rds loans. The lending banks would probably need prior offtake agreements in place covering a minimum storage commitment of 50% of capacity. Doable.
Then comes the hard bit. Where will Infa get circa £27mn of equity to maintain 100% ownership (1/3rd of 80)? Some nimble financial engineering is required at this point.
This is brilliant news this morning.....nazareme now suck on that lol
If we get full grant it means we have a chance of keeping 100% of islandmagee storage! !!!
to the week. All shaping up nicely. Should give the SP a nice shove upwards......come on!
RNS Number : 9698D
Infrastrata PLC
15 October 2018
15 October 2018
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project - New EU Grant Application
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that it has submitted a new "grant for works" application in respect of its Islandmagee gas storage project (the "Project") to the EU (European Union) pursuant to the requirements of the Connecting Europe Facility grant reference: "CEF-Energy-2018-2". It should be noted that this new application does not impact the Company's existing EU grant for FEED ("Front End Engineering Design") works. As announced on 11 October 2018 FEED is progressing ahead of schedule with almost 70% of the pre-established milestones having been achieved.
The application has been submitted for a grant intervention rate of 33.14%. This equates to a grant amount of circa £40 million towards the total construction cost of the Project's first phase of an initial two storage caverns.
The Company will receive notification from CEF-Energy-2018-2 in February 2019 (or such later date as publicly notified by the EU) detailing whether the application was successful, and if so, the level of funding granted. The notification timeframe aligns with the Company's planned H1 2019 programme of activities for final investment decision ("FID"), procurement of a contractor and the commencement of the engineering works.
A key element that must be submitted as part of the grant (for it to be eligible for funding) is an independently prepared Cost Benefit Analysis ("CBA") for the Project. The Company duly commissioned this independent report from Energy Reform Consulting Services and the results demonstrated the clear need for the Project. The report highlighted the fact that just a single day's power outage will cost the UK economy in excess of £1.1 billion at its peak, with an average daily cost of £700 million.
The CBA demonstrates a strong investment to benefit ratio and clearly underpins the Directors' belief that this Project could be a key piece of strategic infrastructure for the UK. A copy of the CBA will be uploaded onto the Company's website by the end of the day tomorrow. Whilst a Brexit "No Deal" generally increases uncertainty, the Directors do not believe that it will affect this application as the UK government (as part of the "no deal" papers published) has stated that it will honour PCI (EU Project of Common Interest) project funding in the event of leaving the EU with no deal.
John Wood, Chief Executive Officer commented "I would like to thank the team for their extremely hard work and efforts in submitting the grant application by the designated deadline and we look forward to receiving the decision in February 2019. We now continue to focus on the last few elements of the FEED works and the conclusio
The security of supply issue is the reason for highlighting the below article not the short term volatility that storage ultimately benefits from. A tightness in LNG supplies from 2020 demonstrates the reduced ability to call on gas from this particular area especially during times of peak demand. With tightness of the rest of the market overall and now Brexit the issue of energy security and ultimately adequate storage will become an issue for gas traders scrambling to secure adequate supplies of gas in the winter. A perfect storm in the making imo.
I agree O& W, it is about trading the short term volatility
There is also the security of supply side of things, current Russian supply routes at almost maximum capacity, any unplanned outages from UKCS or Norway combined with a demand spike could be a real problem for UK and Ireland.
That's where the 2nd and 3rd phase islandmagee could help with greatly imo
I think that longer term reports of a possible structural squeeze on LNG supply/demand are missing the point of what Infa are about. Their IslandMagee salt cavern storage project is all about short-term injection and delivery, building on expected higher volatility of prices in the short-term. The project will not be inventorying natural gas simply to benefit from a long position, firmly held. As long as there is that volatility for traders to take advantage of,it doesn't matter at what LEVEL natural gas prices have reached.
I ain't got a clue Snowman!
My post wasn't suggesting any of the options were in the mix for future caverns, just pointing out the potential and the fact Costain have experience in all.
"There may be room for two or three more similar-sized or larger sites, Mr Wood said."
Quote from the recent Irish Independentinterview