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12 Mar 2012 07:00
12 March 2012
Renewable Energy Generation Ltd
Extension of Contract
Renewable Energy Generation (AIM: WIND), the UK renewable energy developer and operator, today announces that its subsidiary REG Bio-Power ("REG Bio") has successfully extended its contract with National Grid (NG) to provide Short Term Operating Reserve (STOR) for an additional 12 months to April 2014.
STOR allows NG to source reserve power in pre specified seasonal time periods to meet actual demand when greater than forecasted or during unexpected plant breakdowns. Under the contracts REG Bio will receive an availability payment for standing by during STOR periods and an utilisation payment for any power generated. In addition REG Bio will be allowed to run its plant opportunistically outside STOR hours.
REG Bio's existing 6MW Bentwaters plant in Suffolk and 2MW Leeds facility will continue to operate the STOR contract.
Andrew Whalley, REG Chief Executive Officer, said: "The extension of our STOR contract firmly underpins REG Bio's strategy and provides a solid foundation from which to grow. We are delighted to continue our relationship with NG and the provision of flexible, green capacity ideally complements our existing wind business."
A further update on REG Bio and REG Wind will be issued in the Group's half year results, which will be announced on Monday 19 March 2012.
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) Nick Reeve / Martyn Fraser
| +44 (0)117 376 2213 |
Investec (Corporate Broker) Garry Levin
| +44 (0)20 7597 5000 |
City Profile Simon Courtenay / Abigail Genis | +44 (0)20 7448 3244 |
Notes to Editors
Renewable Energy Generation Ltd (REG) is a UK orientated renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and generating power from refined waste cooking oil in the UK.
● | REG Windpower: based in Cornwall and Bath, UK, it currently operates ten wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Cumbria and Gwynedd, with a total capacity of 41.15MW and has a development pipeline of around 1,000MW. |
● | REG Bio-Power UK Ltd: based in Nottingham, UK: it operates electricity generation plant fuelled by waste vegetable 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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