PPG Commissions First 20MW Site3 Nov 2016 07:13
Brilliant news!!
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
3 November 2016
Plutus PowerGen plc ('PPG' or 'the Company')
Successfully Commissions First 20MW Flexible Energy Site in the UK
Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible power projects in the UK, is delighted to announce that it has successfully brought its first power generation site in Plymouth into operation. Attune Energy is now operating at full output.
This represents a transformational milestone for the Company, acting as proof-of-concept in respect to PPG's strategy to become a predominant player in the flexible energy generation market, and providing the Company with immediate exposure to its revenue streams, which are:
-- Short Term Operating Reserve (STOR)
-- Firm Frequency Response (FFR)
-- TRIAD
-- Merchant Power sales
The Plymouth site also holds a capacity mechanism contract for 15 years starting in 2019 and is pre-qualified for next year's 2017 capacity mechanism contract. Plymouth is one of nine sites held in partnership with Rockpool Investments LLP ('Rockpool'), which has provided EIS funding for their development. Rockpool also currently pays management fees totalling GBP1.35 million per annum to PPG in return for overseeing the construction of the assets and for managing them on an ongoing basis.
Charles Tatnall, Executive Chairman of PPG said, "This is a landmark event for PPG. Now that our first flexible energy facility is operational, we look forward to increasing our sales substantially as we tap into the multiple revenue streams available to us over the coming months. These opportunities exist because National Grid and the Big Six are in need of a consistent source of power which blends with the intermittent supply currently being delivered by renewables. By providing power at times of peak demand, our projects will mitigate the risk of brown or blackouts and as demonstrated by recent announcements that we now have planning permission in place for seven projects, our portfolio is progressing well."