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9 Mar 2011 07:00
Press Release 9 March 2011
Renewable Energy Generation Ltd
STOR Contract win from National Grid
Renewable Energy Generation (AIM: WIND), the UK renewable energy developer and operator, today announces that its subsidiary REG Biopower ("REG Bio") has won two contracts with National Grid (NG) to provide Short Term Operating Reserve (STOR) using its innovative plant powered by waste cooking oil.
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 a 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 plant in Suffolk and a new 2MW Leeds facility, which is expected to be operational from August 2011, will operate the STOR contracts.
Andrew Whalley, REG Chief Executive Officer, said: "These contract awards firmly underpin REG Bio's existing plant and technology and potentially provides a solid foundation from which to grow our bioliquid business in the future. We are delighted to be partnering with NG and the provision of flexible 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 21 March 2011.
ENDS
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 |
Evolution Securities (Corporate Broker) Garry Levin / Tim Redfern / Stuart Andrews
| +44 (0)20 7071 4300 |
MHP Communications Katie Hunt / Vicky Watkins
| +44 (0)20 3128 8100 |
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 used 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 560MW.
·; 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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