(Alliance News) - Zenith Energy Ltd said on Tuesday it has achieved record profitability following strong electricity generation at its Torrente Cigno concession in Italy.
The Calgary, Canada-based oil, gas and electricity production and development company said the record levels were due to the sustainable favourable energy pricing climate.
During December, the company produced a total of 1,020 megawatt hours. This was the highest production rate in the past 12 months.
Electricity prices during the month averaged at EUR264 per megawatt hour, resulting in net revenue of around EUR269,000 per month.
Zenith added that net production costs had remained fixed at EUR35,000 per month.
In its last update on Torrente Cigno, Zenith said it had produced a total of 920 megawatt hours during October. Its average electricity price was EUR214 per megawatt hour, resulting in EUR181,500 per month in revenue.
Looking forward, Chief Financial Officer Luca Benedetto said Zenith is looking to expand its Italian portfolio during 2022 through potential acquisitions and enhancing the productivity of some of its assets.
Shares in Zenith were up 6.6% at 0.93 pence on Tuesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Zenith Energy (ZEN)