George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Useful timeline. I would have included the annual CfD auction results, the next being around July or August of this year, at an increased price per MWH over last year's. A growing stream of government-backed revenue will no doubt form part of the financial planning of Meygen and is likely to be reflected to some extent in the share price.
Aside from the obvious issue of financing, is there anything precluding the 50MW being part of the 2027 commissioning timeframe?
Thank you, Timaeus!
May I or do you want to post this in the sub reddit r/SimecAtlantisEnergy?
What does SAE’s calendar of target milestones look like over the next 5 or 6 years? A summary of some dates already identified might include:
2024 Q2 - fourth turbine due to be re-deployed at MeyGen which SAE said in Dec 2023 was on track (while they also said the delivery of the next 50MW at MeyGen, “remains hugely challenging”).
2024 - 30 Jun - deadline for publication of SAE’s annual report and accounts to 31 Dec 2023.
2024 - 30 Sep - likely target date for publication of SAE’s unaudited interim results for the six months ended 30 June 2024.
2025 - 3 Jan - Vesting date (subject to continuing employment) for first third of LTIP options.
2025 - Q2 Target for financial close for MeyGen Phase 2 (28MW).
2025 - 31 Dec - Target date for early repayment of £1m of Abundance debentures.
2026 - 3 Jan - Vesting date (subject to continuing employment) for second third of LTIP options.
2026 - Commencement of grid connection dates for SAE’s 3 further BESS projects with an aggregate capacity of 719MW currently in development.
2026 - 31 Dec - Target date for early repayment of £2m of Abundance debentures.
2027 - 1 Jan - Enhanced interest payable on Abundance bonds increases from 10% to 11%.
2027 - 3 Jan - Vesting date (subject to continuing employment) for final third of LTIP options. CSOP options vest (exercisable for seven years at 1.5p per ordinary share).
2027 - Target commissioning date for MeyGen Phase 2.
2027 - 31 Dec - Target date for early repayment of £3m of Abundance debentures.
2028 - 1 Jan - Enhanced interest payable on Abundance bonds increases from 11% to 12%.
2028 - Target commissioning date for MeyGen Phase 3 (22MW).
2029 - 1 Jan - Enhanced interest payable on Abundance bonds increases from 12% to 13%.
2029 - 30 Jun - Extended maturity dates for the Abundance debentures that were due to mature on various dates in 2024. The enhanced and increasing interest payable for the period of the extension gives SAE strong financial incentives to achieve, if possible, the agreed early repayment targets.
SAE’s website currently says they will be able to combine MeyGen Phases 2 & 3 creating a 50MW project. On 19 January 2024 BBC News reported MeyGen's owner SAE Renewables wants to install another 17 turbines, each capable of generating up to 3MW, to create a 50MW array – see https://www.bbc.co.uk/news/business-67639476
On the basis of that calendar shareholders in SAE will likely know by mid-2029 whether it’s Monte Carlo or bust.
Found it: Friday morning on the today show. Three mentions of tidal energy in a ten minute interview - very encouraging.
https://www.bbc.co.uk/sounds/play/m001w19n
@mcco do you recall which radio 4 show that was and on which day?
The Labour Party seems keen on tidal? Rachel Reeves interview the other day on Radio 4
SAE is surely not a stock that moves with the market.
I stick to the view that nobody is really watching this stock right now until they can either get their head above the water with anything not related to tidal stream energy, or, and that depends on governmental funding, with MryGen and the 21% they own at Proteus.
If the UK decided to throw in a lot more funding to get the price of tidal down by investing in supply chains and mass productions of turbines, SAE would probably sky rocket.
If this never happens, neither through governmental money nor private money which is unlikely atm anyways, then say bye to you investment.
That being said: until there's actual news that'll promise revenue s.t. SAE is able to survive, pay back debt and develop new projects, there's literally no reason to complain continuously because none of the fundamentals have substantially changed recently.
Wait another year.
... sucks
(despite everything going up)
Every stock now seems to be just a market maker robbery situation. To buy it's 1.19p minimum almost full offer, but to sell is a miserly 1.03p so they are milking it either way. Cannot believe it's still below 1.2p somebody bought a million at 1.29p last week when it was 1.2p offer
I understand. It's certainly in the category of positive news. 🙂
It is a win win for me.
Pension fund investors for local renewable projects and jobs.
Better for more projects there to really optimize use of every inch of the site.
Hence 1gb + BESS.
https://twitter.com/saerenewables/status/1745392292515446850?t=cUXYLP4yPsj-bVn0ZPh8Rg&s=19
Morning Mr T
SAE do not benefit directly as the £50m goes to Quinbrook . However with other Bess projects on the cards at Uskmouth it is good to see interest in the projects from local sources.
Thanks, OT!
Can you elaborate what that means? £50m sounds like a lot. How does SAE benefit here?
😅
That old chap is a great find...
Investing is always good and this one is very good for BESS.
🤣🤣🤣🤣
Not much news around but good to see Greater Gwent Pension Fund investing in Uskmouth BESS via
£50m allocation to the Quinbrook Renewables Impact Fund.
https://www.room151.co.uk/151-news/greater-gwent-pension-fund-ramps-up-levelling-up-investments/?trk=feed_main-feed-card_feed-article-content
.. when it's quiet and no wind is blowing. Only the moon shines on me as I open the app on my phone where I can track the current energy consumption of our house. In the darkness I look at some text on the phone saying "0 Watts", the energy produced by our photovoltaic installation on the roof right now and wonder.. wouldn't it be nice if we had something that could charge this expensive battery in my basement. I wish I had a tidal stream turbine.
No, I'm not drunk. Just bored. Good night guys.
The MDD is mandatory for all CFD projects. it looks like meygen phase 2 has cleared this hurdle.
That is if the MDD is mandatory and there are any caveats if breaching 18 months.
"Whenever I see day traders in here it kinde feels like I'm staring at that one guy at the train station that is talking to himself." - Good analogy MT, made me chuckle
@strangy I'm not 100% sure but from what i've read I think each cfd project has a milestone delivery date (MDD) when the developer needs to provide evidence that they have either (a) spent lots of money on the project or (b) signed key supply contracts. The situation for allocation round 4 is described at the link below . The MDD is 18 months after CFD contract signature. All round 4 CFD contracts were signed by early August 2022 so the MDD is imminent.
https://www.cfdallocationround.uk/sites/default/files/2021-10/Allocation%20Round%204%20online%20launch%20event.pdf
If I'm right then SAE won't have the money to spend to take route (a) so they will follow route (b) and we could see an announcement very soon on contracts for phase 2. i suppose they only need to tell LCCC and not the rest of us but this seems like important information that should be made public.
if a developer fails to meet this milestone then (from the link above) LCCC has the right to cancel the project, though they don't have to. It's possible LCCC would show leniency to an emerging technology. Offshore wind projects are struggling so there might be news about this in the next few days if developers walk away from their CFDs.
I stick to my assumption that, comparatively speaking, nobody is trading this stock. Whenever I see day traders in here it kinde feels like I'm staring at that one guy at the train station that is talking to himself.
This stock is flying under the radar. Not because it's a hidden gem but because it's a struggling company. Maybe, just maybe it will turn around but as for now.. nobody, and by that I mean high volume long term investors and not some pocket change traders (no offense), is looking at this stock.
It's just us long term holders who where something enough to not get out and a few daytraders.
Just to clarify: not complaining about day traders.. but I'm just pretty sure that there's just nit enough eyes ok this stock to really talk on that level.
Weird it looks terrible today yet online all I can get is 150k at 1.12p, no bigger amounts for say 1.18-1.2p just 150k at 1.12p
mm's playing their games, you can sell but we do not want you to pick up size at these levels but please sell at 1.02p