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11 Mar 2014 07:00
11 March 2014
Renewable Energy Generation Ltd
Extension of Contract
Renewable Energy Generation (REG) (AIM: WIND), the UK renewable energy developer and operator, today announces that its subsidiary REG Bio-Power has successfully secured an extension to its existing contracts with National Grid to provide Short Term Operating Reserve (STOR).
REG's 18MW Whitemoor plant (due for completion this autumn), the 6MW Bentwaters site in Suffolk and 2MW Leeds facility will operate the contracts, which run from April 2015 to March 2016.
STOR allows National Grid to source reserve power in pre-specified periods to meet unscheduled demand. Under the terms of the contracts REG will receive an availability payment for standing by during STOR periods and an utilisation payment for any power generated. REG's generation plant is fuelled by a patented bioliquid called LF100, recovered from used cooking oil.
Andrew Whalley, REG Chief Executive Officer, said: "STOR will become increasingly important to the UK as ageing coal-fired power plant is closed under the Large Combustion Plant Directive thus potentially increasing system volatility. REG Bio-Power has demonstrated its reliability in meeting the demands of the STOR programme over several years of operation. The addition of our new capacity at Whitemoor should ensure that REG Bio-Power makes a significant contribution to REG's overall business".
Enquiries:
Renewable Energy Generation Limited Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Ian Lawrence, Communications Manager
| +44 (0)1483 901 790 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) Martyn Fraser
| +44 (0)117 376 2213 |
Cenkos (Corporate Broker) Bobbie Hilliam
| +44 (0)20 7397 8900 |
Broker Profile Simon Courtenay | +44 (0)20 7448 3244 |
Notes to Editors
Renewable Energy Generation Ltd (REG) is a UK renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from recovered used cooking oil.
REG Windpower: currently operates 14 wind projects (67.2MW) across the UK, including three under an asset management agreement, with a further 10MW under construction and around 1000MW of projects in development.
REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant powered by fuel recovered from used cooking oil.
Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).
www.renewableenergygeneration.co.uk
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