Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPPG.L Regulatory News (PPG)

  • There is currently no data for PPG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Statement on Capacity Market EC ruling

25 Oct 2019 11:28

RNS Number : 1864R
Plutus PowerGen PLC
25 October 2019
 

 

25 October 2019

 

PLUTUS POWERGEN PLC

("Plutus", the "Group" or the "Company")

Statement on Capacity Market EC ruling

 

Plutus PowerGen (AIM: PPG), the AIM quoted power company focused on the development and operation of flexible energy generation ('FlexGen') projects in the UK, is pleased to note the European Commission's ruling on Thursday 24th October 2019, that the UK's electricity back-up system, known as the Capacity Market, does not break EU state aid rules.

 

The Capacity Market enables power generators, such as Plutus, to bid for contracts to provide emergency electricity during peak demand to prevent blackouts. It was frozen in November 2018 when the European Court of Justice stopped member states from providing state aid, or subsidising companies, without approval from the European Commission. Thursday's ruling will see the Capacity Market resume its role as a tool for ensuring security of supply of electricity and enable the Government to pay the energy providers the £1bn they are owed.

 

The European Commission said that the Capacity Market "is necessary guarantee security of supply in Great Britain, is in line with EU energy policy objectives, and does not distort competition in the Single Market".

 

Commenting on the ruling, Lawrence Slade, Chief Executive of industry body Energy UK, said, "The Capacity Market can now continue to do the job it has done successfully for a number of years, ensuring security of supply at the lowest cost to customers in times of high demand." He continued, "The Capacity Market has been rightly evolving to reflect a different mix of energy generation with newer technologies gaining a greater share in recent auctions. With the inclusion of renewables in future auctions - something we have long called for - a technology-neutral CM will continue along this path and drive progress towards a net-zero economy bringing benefits for both the environment and the economy, while reducing costs for customers."

 

**ENDS**

 

 For further information, please visit www.plutuspowergen.com, or contact:

 

Plutus PowerGen Plc

+44 (0) 20 8720 6562

Charles Tatnall, Executive Chairman

Allenby Capital Limited (Nominated Adviser and Joint Broker)

+44 (0)20 3328 5656

Nick Athanas

James Hornigold

Turner Pope Investments (TPI) Limited (Joint Broker)

+44 (0)20 3657 0050

Andy Thacker

St Brides Partners Limited (Financial PR)

+44 (0)20 7236 1177

Isabel de Salis

 

About RNS Reach announcements

This is an RNS Reach announcement. RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
NRAZMMZGGKDGLZM
Date   Source Headline
20th Sep 20211:00 pmRNSUpdate
23rd Aug 20214:30 pmRNSUpdate re: Nominated Adviser
20th Aug 20212:00 pmRNSUpdate re: Nominated Adviser
11th Jun 20217:30 amRNSSuspension - Plutus Powergen plc
11th Jun 20217:00 amRNSProposed Reverse Takeover & Suspension of Trading
19th May 20214:18 pmRNSResult of AGM
22nd Apr 20214:09 pmRNSNotice of AGM
8th Mar 202111:17 amRNSHolding(s) in Company
5th Feb 202111:03 amRNSHalf-year Report
29th Jan 20215:09 pmRNSFinal Results
28th Jan 20217:00 amRNSConvertible loan note
8th Jan 20212:58 pmRNSStatement re share price movement
8th Jan 20217:00 amRNSAppointment of Joint Broker
31st Dec 20201:00 pmRNSTotal Voting Rights
10th Dec 20209:30 amRNSDemerger, Admission of Shares & AIM Rule 15 status
4th Dec 202010:00 amRNSReduction of Capital effective
24th Nov 20205:42 pmRNSReduction of Capital approved by the Court
19th Nov 20206:15 pmRNSPlutus Powergen
6th Nov 202011:00 amRNSFurther re Capital Reorganisation
3rd Nov 202011:59 amRNSResult of General Meeting & Further re Demerger
9th Oct 20204:28 pmRNSProposed demerger, placing, notice of GM & update
29th Jun 20207:00 amRNSNew Website Address
14th Apr 20202:06 pmRNSSecond Price Monitoring Extn
14th Apr 20202:01 pmRNSPrice Monitoring Extension
3rd Apr 202011:26 amRNSHolding(s) in Company
1st Apr 20207:00 amRNSCorporate Update
29th Jan 20207:00 amRNSInterim Results
27th Jan 202010:24 amRNSHolding(s) in Company
22nd Jan 20207:00 amRNSLoan agreement and related party transaction
10th Jan 202012:50 pmRNSResult of General Meeting
10th Jan 202010:59 amRNSResult of AGM
13th Dec 20197:00 amRNSNotice of GM & AGM
21st Nov 20191:29 pmRNSRequisition of General Meeting
19th Nov 20197:00 amRNSOperational and financial update
13th Nov 20195:05 pmRNSReceipt of purported notice of requisition of GM
12th Nov 20194:04 pmRNSDirector holdings & Update on Director Dealings
31st Oct 20196:38 pmRNSFinal Results
30th Oct 20197:00 amRNSBoard update
25th Oct 201911:28 amRNSStatement on Capacity Market EC ruling
21st Oct 20197:00 amRNSBoard update
3rd Sep 20192:02 pmRNSUpdate re Planning Permission Application
29th Aug 20197:00 amRNSAgreement for Gas Site Funding and Rockpool update
12th Aug 20197:00 amRNSSupport to UK National Grid in latest power crisis
31st Jul 20195:00 pmRNSTotal Voting Rights
31st Jul 20197:00 amRNSDirector/PDMR Shareholding
29th Jul 20194:00 pmRNSHolding(s) in Company
24th Jul 20195:23 pmRNSHolding(s) in Company
18th Jul 20196:00 pmRNSUpdate on Issue of Equity
16th Jul 20197:00 amRNSIssue of Equity
27th Jun 20192:01 pmRNSHolding in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.