Member Info for munin

I thought there were 31 days in March?

That must have been one hell of a party Mr T if you lost a whole day :)

1400MWh in March - another new record.

Obviously every buy is also a sell, so this categorisation is a bit confusing. However there do tend to be more red trades when the price is going down and blue trades when the price is increasing.

Look at the share trades page and you'll quickly figure out how the trades are categorised. Or Google it:

https://www.reddit.com/r/UKInvesting/comments/ljnrir/identifying_sellbuy_transactions_london_stock/

1295 MWh - lower than January but only because the month was 3 days shorter. Humming along nicely.

No problem Mr T. Follow the link below: View Public Reports / View "Certificates" / Filter Technology group "Ocean Energy"

https://renewablesandchp.ofgem.gov.uk/

PS I saw some chat below about revenues. According to the interim accounts Meygen made £1,882k in revenue in the first half of 2024. Ofgem data says they generated 5132 MWh over the same period, so the average power price was £367/MWh. Assuming the same power price means they made just over £500k in revenue last month.

Before we get too excited about that, recent annual reports have said that the Meygen revenue is "ring-fenced". They've not provided any detail, but I assume this is intended to pay off debt, build up an operational fund (so they don't need another Scottish Enterprise loan) and a decommissioning fund (offshore wind farms need to do this so I assume tidal farms do too). That means I don't expect SAE shareholders to see any of this revenue, but it would be nice to see them chipping away at their debt.

Sorry folks, I was late to the party this month! Meygen generated 1388 MWh in January, just beating the previous best of 1380 MWh from August 2019. This confirms that all four turbines are working well.

1170MWh in Dec 24 - the best month since 1175MWh in August 2020 but well short of the record 1380MWh in August 2019. This suggests all 4 turbines were operating last month but not at full capacity.

I’m not particularly concerned since it would be prudent to take a few weeks to ramp the Proteus turbine up to full power. We should get a clearer picture next month.

916 MWh in November. 10% less than previous months, probably because they switched the array off to install the Proteus turbine. December should be the first month with all 4 turbines up and running. We'll find out in January - Happy New Year!

Great news, though it's remarkable that eight years after deployment this is the first time the site has ever operated at full power. I had assumed the array operated briefly at full power when it achieved its output record of 1380 MWh in August 2019. All being well that record should soon fall.

Following the Andritz turbine deployment on 27 June 2023 (when the Proteus turbine was also recovered) the RNS followed on 5th July, just over a week later.

https://www.lse.co.uk/rns/SAE/sae-successfully-deploys-upgraded-turbine-fqapqcjj9v5zy86.html

With that in mind it's hilarious that Timaeus gets the name of the current CEO wrong.

Regarding blended finance: nice idea, but I can't see Scottish Enterprise or Crown Estate Scotland pouring significant money into phase 2 given how their phase 1 debt has performed. And I see zero chance of any Horizon Europe grant for Meygen until SAE repay the outstanding payment that EC has been chasing for years. Bridges burned.

I might not always agree with him but I’m always interested in what Timaeus has to say, not least because I strongly suspect he’s the founder of the company.

Thanks Mr T, good to know that the turbine was deployed. I expect you’re right and that the vessel is just sheltering overnight before travelling south. It won’t be a nice night to be in the North Sea.

Agreed oldtramp, recovering a turbine wasn’t part of the plan, but as a wise man once said everyone has a plan until they get punched in the face.

The vessel is still hanging around this evening. Hopefully they’re just waiting for the light and weather to improve before completing the other tasks mentioned in the notice to mariners.

Agreed - please pass on our appreciation to your pal Mr T. Did he happen to catch site of the vessel before it left site at 5:30, and was there a turbine on board?

The vessel is moving off station …

Installation might take 1 hour but it still takes 1 day to mobilise the boat to Nigg, 1 day to load it, 1 day to travel to site, 1 day to prepare and wait for the right tide (sometimes more, as in the current case), 1 day to return to Nigg and unload kit (and sometimes a turbine) and 1 day to demobilise the vessel.

Even assuming some overlap between these steps that’s 5 plus days hire of a vessel that costs £100k a day, or about £500k for each operation. Shaving a few minutes off installation might cut time on site by half a day if it means they can work in an earlier slack tide. That’s valuable, but only part of the picture.

They might be waiting for the tide to drop. There’s another low tide about now.

The vessel has been on location since 4am this morning. If all goes well they leave without a turbine. Hopefully Mister Tidal's pal can confirm!