Plutus PowerGen PLC Statement on Capacity Market EC ruling
October 25 2019 - 6:28AM
RNS Non-Regulatory
TIDMPPG
Plutus PowerGen PLC
25 October 2019
25 October 2019
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Statement on Capacity Market EC ruling
Plutus PowerGen (AIM: PPG), the AIM quoted power company focused
on the development and operation of flexible energy generation
('FlexGen') projects in the UK, is pleased to note the European
Commission's ruling on Thursday 24(th) October 2019, that the UK's
electricity back-up system, known as the Capacity Market, does not
break EU state aid rules.
The Capacity Market enables power generators, such as Plutus, to
bid for contracts to provide emergency electricity during peak
demand to prevent blackouts. It was frozen in November 2018 when
the European Court of Justice stopped member states from providing
state aid, or subsidising companies, without approval from the
European Commission. Thursday's ruling will see the Capacity Market
resume its role as a tool for ensuring security of supply of
electricity and enable the Government to pay the energy providers
the GBP1bn they are owed.
The European Commission said that the Capacity Market "is
necessary guarantee security of supply in Great Britain, is in line
with EU energy policy objectives, and does not distort competition
in the Single Market".
Commenting on the ruling, Lawrence Slade, Chief Executive of
industry body Energy UK, said, "The Capacity Market can now
continue to do the job it has done successfully for a number of
years, ensuring security of supply at the lowest cost to customers
in times of high demand." He continued, "The Capacity Market has
been rightly evolving to reflect a different mix of energy
generation with newer technologies gaining a greater share in
recent auctions. With the inclusion of renewables in future
auctions - something we have long called for - a technology-neutral
CM will continue along this path and drive progress towards a
net-zero economy bringing benefits for both the environment and the
economy, while reducing costs for customers."
**ENDS**
For further information, please visit www.plutuspowergen.com, or
contact:
+44 (0) 20 8720
Plutus PowerGen Plc 6562
Charles Tatnall, Executive Chairman
Allenby Capital Limited (Nominated Adviser +44 (0)20 3328
and Joint Broker) 5656
Nick Athanas
James Hornigold
Turner Pope Investments (TPI) Limited +44 (0)20 3657
(Joint Broker) 0050
Andy Thacker
St Brides Partners Limited (Financial +44 (0)20 7236
PR) 1177
Isabel de Salis
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END
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