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SIMEC Atlantis Energy

SIMEC Atlantis says underwater turbines of the MeyGen operation in Scotland set new power export record

The tidal power specialist said it has now exported 17.5 gigawatt hours (GWh) of electricity to the national grid, eclipsing the previous record of 11GWh

Tidal power
This year alone, SIMEC Atlantis said MeyGen has produced enough energy to power 2,200 homes

Tidal power specialist SIMEC Atlantis Energy Limited (LON:SAE) has revealed that the underwater turbines of the MeyGen operation in the north of Scotland have set a new record.

The company said it has now exported 17.5 gigawatt hours (GWh) of electricity to the national grid, eclipsing the previous record of 11GWh. This year alone, the group said it has produced enough energy to power 2,200 homes.

READ: Simec Atlantis' value will be recognised as revenues build says CEO Cornelius

Availability, which measures how long systems are online, is also improving. So far in 2019 MayGen was online for 90% of the time, though in the second-quarter the figure was an even more impressive 97%. 

Phase Ia of MeyGen operates with five renewable obligation certificates (a form of government subsidy) and has generated £1.85mln of revenues in the year to date. SIMEC Atlantis is now registered for the new green incentives regime called the CfD programme.

In its latest update, the firm also said its management is exploring options to establish private power purchase agreements as it builds capacity.

Chief executive Tim Cornelius said: "The MeyGen team is currently working on several initiatives to increase the installed capacity of the project so we can exploit fully the 398 megawatt seabed lease. 

“Full build-out would represent a capacity which is 50% higher than Dounreay, the largest nuclear station in the Highlands of Scotland."

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Price: £0.11

Market: AIM
Market Cap: £45.05 m
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