SIMEC Atlantis Energy Limited MeyGen Operational Update (0519F)
July 10 2019 - 1:00AM
UK Regulatory
TIDMSAE
RNS Number : 0519F
SIMEC Atlantis Energy Limited
10 July 2019
The information contained in this announcement is inside
information under the Market Abuse Regulation (EU) No 596 / 2014.
The person responsible for arranging the release of this
announcement on behalf of SIMEC Atlantis Energy Limited is Tim
Cornelius, Chief Executive Officer of SIMEC Atlantis Energy
Limited.
10 July 2019
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis" or the "Company")
MeyGen Operational Update
SIMEC Atlantis Energy Limited, the global developer, owner and
operator of sustainable energy projects, is pleased to announce an
operational update for MeyGen, the world's largest multi-megawatt
tidal stream array.
Highlights
-- MeyGen has now exported 17.5GWh of electricity to the
national grid, eclipsing the previous record of approximately
11GWh
-- In 2019 alone, MeyGen has exported over 7GWh of predictable
renewable energy to the grid, equivalent to the average annual
electricity consumption of over 2,200 typical UK homes
-- Phase 1A of MeyGen operates with 5 ROCs and has generated
GBP1.85m of revenue to date this calendar year
-- Total system availability, a key performance metric, is
approaching 90% for 2019 to date and during Q2 2019 was recorded at
almost 98%
-- 2019 performance represents the longest period of
uninterrupted generation from a multi-megawatt tidal turbine array
ever achieved
-- MeyGen has been successfully registered for the 2019 CfD
programme and management is assessing bidding strategies
-- Management is also exploring options to establish private
wire PPAs with local industrial loads to facilitate the build out
of the array, which has a seabed lease for a total installed
capacity of up to 398MW
Tim Cornelius, CEO of Atlantis, commented:
"We are delighted to report the continued strong performance of
the turbines at MeyGen. Uninterrupted production generates large
volumes of valuable performance data which can be used to improve
performance, optimise future system design and provide confidence
to project financiers who will be called upon to fund our plans to
expand this world-renowned project. Future phases will use the new
AR2000 turbine we are proudly developing with GE and our new subsea
hub which will further reduce costs and enhance efficiency.
"The MeyGen team is currently working on several initiatives to
increase the installed capacity of the project so we can exploit
fully the 398MW seabed lease. Full build out would represent a
capacity which is 50% higher than Dounreay, the largest nuclear
station in the Highlands of Scotland."
Enquiries:
SIMEC Atlantis Energy Limited via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe (Nominated
Adviser and Joint Broker) +44 (0)20 7894 7000
Rick Thompson
Richard Salmond
David Porter
J.P. Morgan Cazenove (Joint Broker)
James Deal
Michael Wentworth Stanley +44 (0) 20 7742 4000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
James Styles
Molly Stewart
Notes to Editors
SIMEC Atlantis Energy
SIMEC Atlantis Energy is the global developer, owner and
operator of sustainable energy projects with a diverse portfolio of
more than 1,000 megawatts in various stages of development. This
includes a 77% stake in the world's largest tidal stream power
project, MeyGen, and 100% ownership of the 220MW Uskmouth power
station conversion project
www.simecatlantis.com
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END
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