Plutus PowerGen PLC First Power Sales from 20MW Plymouth Site (7598O)
November 09 2016 - 6:05AM
UK Regulatory
TIDMPPG
RNS Number : 7598O
Plutus PowerGen PLC
09 November 2016
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
9 November 2016
Plutus PowerGen plc ('PPG' or 'the Company')
First Power Sales from 20MW Plymouth Site
Plutus PowerGen plc, the AIM listed power company focused on the
development, construction and operation of flexible power projects
in the UK, is pleased to confirm that it operated its Plymouth site
in support of the national grid for the first time on 8 November
2016.
The current tight supply margin in the UK energy market has
demonstrated the need for flexible generators such as PPG, which
has developed projects that can generate power for short periods of
time and at short notice, to meet market demand and fluctuations.
It is anticipated that the plant will continue to operate
intermittently while the market continues to suffer tight supply
margins this week.
PPG CEO Phil Stephens said, "We are already generating revenues
since commissioning the first site last week. With a cold winter
ahead, it is anticipated that the UK energy dynamic will become
increasingly strained and PPG is now, and will continue to be, well
positioned to contribute to meeting any forthcoming demand with a
consistent source of power. I look forward to providing updates on
the rest of our portfolio and the impact this has on our
business."
**ENDS**
For further information, please visit www.plutuspowergen.com, or
contact:
Charles Tatnall Plutus PowerGen Plc Tel: +44 (0)
20 3705 8350
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Phil Stephens Plutus PowerGen Plc Tel: +44 (0)
20 3705 8352
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Ewan Leggat SP Angel Corporate Tel: +44 (0)
Finance LLP 20 3470 0470
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Laura Harrison SP Angel Corporate Tel: +44 (0)
Finance LLP 20 3470 0470
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Elisabeth St Brides Partners Tel: +44 (0)
Cowell Limited 20 7236 1177
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Hugo de Salis St Brides Partners Tel: +44 (0)
Limited 20 7236 1177
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Notes to Editors
Plutus PowerGen plc is an AIM listed company focused on the
development, construction and operation of flexible stand-by power
generation sites in the UK. At present, the market dynamics for
flexible power generation are positive as a result of the continued
downward pressure on capacity available to National Grid to balance
supply and demand, leading to their announcements about possible
power shortages over the next few years.
Flexible Power generators such as PPG offer a viable and timely
solution to the power capacity shortfall in the UK. To this end,
PPG is initially focusing on delivering 200MW of capacity by the
end of 2017 and currently has a project pipeline of potential
development sites with 700MW of power generation capacity.
PPG has a straightforward multi-revenue stream model with large
and stable counter-parties and is using project/EIS funding through
SPVs to finance construction of the generation assets. This
structure has the benefit of limiting dilution to plc shareholders
as the assets are financed and built.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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