16 Nov 2017 07:00
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
16 November 2017
PLUTUS POWERGEN PLC ("PPG" or the "Company")
SECOND UK FLEXIBLE ENERGY SITE COMMISSIONED
Plutus Powergen Plc, the AIM listed power-company focussed on the development and operation of flexible energy generation ('FlexGen') projects in the UK, has brought the 20MW FlexGen facility in Crumlin, South Wales, into operation to help to mitigate the current and forecast risk of an energy deficit. This is the Company's second operating power generation site, which can be switched on at a moment's notice at times of peak demand.
The Crumlin site holds a capacity mechanism contract for 15 years starting in 2019 and is pre-qualified for next year's T-1 2018 capacity mechanism auction. Crumlin is one of nine sites held in partnership with Rockpool Investments LLP ('Rockpool'), which has provided funding for their development for which Rockpool also pays management fees to PPG in return for PPG overseeing the construction of the assets and for managing them on an ongoing basis.
Charles Tatnall, Executive Chairman of PPG, said: "As winter kicks in, so too does the need for increased energy and responsive flexibility within the UK power market. PPG is focused on providing responsive and flexible generation through rapid-response FlexGen facilities. We are delighted that the Crumlin site has been commissioned on target and look forward to updating the market on further sites in the near future."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
**ENDS**
For further information, please visit www.plutuspowergen.com, or contact:
Charles Tatnall | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8350 |
Phil Stephens | Plutus PowerGen Plc | Tel: +44 (0) 20 3705 8352 |
Andrew Craig | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Richard Salmond | Cantor Fitzgerald Europe | Tel: +44 (0) 20 7894 7000 |
Isabel de Salis | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
Olivia Vita | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Plutus PowerGen Plc is an AIM listed company focused on the development, construction and operation of flexible stand-by power generation sites in the UK. At present, the market dynamics for flexible power generation are positive due to the continued downward pressure on capacity available to National Grid to balance supply and demand, leading to its announcements about possible power shortages over the next few years. Flexible power generators such as PPG offer a viable and timely solution to the power capacity shortfall in the UK.