Last checked at 31 Oct 2022 13:41
Mast Energy Developments PLC
(Incorporated in England and Wales)
(Registration Number: 12886458)
Share code on the LSE: MAST
ISIN: GB00BMBSCV12
("MED" or "the Company")
31 October 2022
Mast Energy Developments PLC ("MED" or "the Company")
Clarification of Pyebridge Trading Update
Mast Energy Developments PLC, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market wish to announce the correction of a typing error with regards to the most recent trading update (see RNS 3310D dated 19 October 2022) of its current flagship producing asset, the 9 MW Pyebridge Synchronous Gas-powered Flexible Generation Facility (the "Site" or "Pyebridge").
In the aforementioned RNS, the Total Electricity Generation Output and Average Electricity Generation Sales Price achieved per MWh sold for the month of August 2022 were erroneously stated as "c. 1,420 MWh" and "c. £619" respectively and should have read c. 486 MWh and c. £646. For the avoidance of doubt, all other information and numbers stated in the aforementioned RNS remains unchanged and correct, most notably the Electricity Generation Sales Revenue for the month of August 2022 of "c. £314,000". Both the corrected Total Electricity Generation Output and Average Electricity Generation Sales Price achieved per MWh sold for the month of August 2022, are significantly higher, compared to the associated monthly average achieved during the 6-month period March to August 2022, being c. 380 MWh and c. £370. MED's revenue and profit margin guidance also remains as stated in the RNS of 19 October 2022.
ENDS
This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.med.energy or contact:
Pieter Krügel | info@med.energy | Mast Energy Developments Plc | CEO |
Jonathan Critchley & Keith Swann | +44 (0)20 3869 6080 | Clear Capital Markets | Joint Broker |
Zainab Slemang van Rijmenant | zainab@lifacommunications.com | Lifa Communications | Investor and Media Relations Advisor |