SIMEC Atlantis Energy Limited MeyGen Operational Update (8537A)
January 27 2020 - 2:00AM
UK Regulatory
TIDMSAE
RNS Number : 8537A
SIMEC Atlantis Energy Limited
27 January 2020
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.
Monday 27 January 2020
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis" or the "Company")
MeyGen Operational Update
SIMEC Atlantis Energy Limited ("Atlantis"), the global
developer, owner and operator of sustainable energy projects, is
pleased to announce an operational update for MeyGen, the world's
largest operational tidal stream array.
MeyGen's 2019 performance represents the longest period of
uninterrupted generation from a multi-megawatt tidal turbine array
ever achieved.
Operational Highlights
-- MeyGen has now exported 24.7GWh of predictable renewable electricity to the national grid
-- In 2019 alone, MeyGen exported over 13.8GWh of predictable
renewable electricity, equivalent to the average annual electricity
consumption of around 3800 typical UK homes generating a revenue of
GBP3.9m.
-- Phase 1A of MeyGen operates with 5 ROCs and had generated
total revenues since operations commenced of GBP7.1m as at the end
of 2019.
-- The AR1500 turbine is due to undergo maintenance and will be
transported to land for servicing and upgrade work at the end of
this month - redeployment at MeyGen is targeted for the Spring. The
upgrade will increase the turbines revenue by 4% with no increase
in the turbines operating cost.
-- During 2019, Atlantis announced its intention to develop the
next phase of its MeyGen array which will see an additional 80MW of
tidal capacity added to the existing project site between the
island of Stroma and the mainland. Atlantis intends to design,
consent and build the world's first ocean-powered data centre near
the MeyGen site, connected to the tidal array via a private wire. A
concept study has been completed with design underway to include a
connection to the Celtic Norse subsea fibre optic cable currently
in development, significantly enhancing Scotland's international
data connectivity. Atlantis is exploring connections to other
international fibre optic cables as well.
-- The tidal array's private wire structure with the data centre
will provide a route to market for the next phase of the project in
lieu of subsidy support for tidal power in the United Kingdom.
Tim Cornelius, CEO of Atlantis, commented:
"I am delighted to report that MeyGen has now exported a
remarkable 24.7GWh of predictable renewable energy. Not only is
this world-renowned project helping the UK meet its Net Zero
ambitions, but it is also providing valuable performance data which
can be used to inform future projects, demonstrating MeyGen's
importance as a global prototype.
"MeyGen holds a 398MW seabed lease and our data centre expansion
project is world leading for a number of reasons. The cost of tidal
power continues to reduce and this is being assisted by the
sustained pressure the offshore wind market places on the supply
chain domestically and abroad.
"The world's most valuable resource is no longer oil but data,
and by combining tidal power with stranded onshore wind farms in
close proximity to MeyGen, we can create a virtual power plant to
provide sustainable power to a data centre in Scotland, creating
important new fibre connections for Scotland and the UK in the
process."
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
David Porter
Luke Philippou
J.P. Morgan Cazenove (Joint Broker)
Michael Wentworth Stanley +44 (0) 20 7742 4000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
James Styles
Josh Atkins
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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