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SIMEC Atlantis Energy salutes operational excellence at MeyGen

"We now look forward to working with Government and industry to deliver the next phases of MeyGen in partnership with world-leading data centre operators," said CEO Tim Cornelius

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Powering ahead

Renewable power provider SIMEC Atlantis Energy Limited (LON:SAE) said it achieved its best-ever operating results at its MeyGen tidal power project.

The operation, in the north of Scotland, has now exported more than 21-gigawatt hours (GWh) of electricity to the national grid and the array has operated at above 90% availability factor during 2019.

The group's flagship Uskmouth power station conversion project in Wales remains on track to commence operations by 2021.

In its results for the first six months of the year, the SIMEC reported a loss before tax of £12.4mln, compared with £9.1mln in the same period of last year, with the change largely accounted for by the consolidation of SIMEC Uskmouth Power into the group since June 2018.

Revenue increased to £2mln from £1.3mln the year before, with the majority of the revenue coming from MeyGen power sales.

The consolidated group cash position at the end of June was £5.1mln, down from £9.3mln at the end of 2018.

Investment and belief

"The performance of the MeyGen tidal power array during 2019 is testament to our investment and belief in the commercial-scale prospects of tidal power to date,” said Tim Cornelius, the chief executive of Atlantis.

Cornelius said MeyGen provides “reliable, predictable revenue generation from energy extracted in an environmentally benign manner”.

“The Uskmouth conversion is making good progress,” he added.

“This conversion addresses two major societal issues: firstly, the increasing demand for electricity and secondly the productive use of non-recyclable waste destined for landfill. Uskmouth tackles these issues whilst maintaining and creating jobs in South East Wales,” he declared.

“Both MeyGen and the Uskmouth project have created remarkable opportunities for the Atlantis team to forge new paths and demonstrate leadership in innovation and delivery of solutions for some of the challenges which face society today whilst at the same time creating near and long term shareholder value,” Cornelius concluded.

Quick facts: SIMEC Atlantis Energy

Price: 11.5 GBX

AIM:SAE
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on 11/5/18

2 min read