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12 Mar 2013 09:35
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 2015.
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 contract 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: "REG Bio is perfectly suited to providing flexible, renewable power to meet NG's requirement for short term reserve so we are very pleased to be extending our relationship for an additional year."
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 |
City Profile Simon Courtenay / Abigail Genis | +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 refined used cooking oil.
REG Windpower: currently operates 12 wind projects (57.12MW) across the UK, including two 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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