Mast
Energy Developments PLC
(Incorporated in England and
Wales)
(Registration Number:
12886458)
LEI :213800HFVHGJ9YGO9F71
Share code on the LSE:
MAST
ISIN: GB00BMBSCV12
('MED' or 'the Company')
Dated: 13 January 2025
Mast Energy Developments PLC
('MED' or 'the Company')
Record High Electricity Sales
Price Achieved & Revenues Update
Mast Energy Developments PLC is
pleased to announce an update regarding its Pyebridge flexible
power generation asset, the highlights and details of which are
outlined below.
Pyebridge Highlights:
·
Record high average electricity sales price per
MWh sold achieved during December 2024 of c. £160 (compared to
average of £117 over preceding 5 months), outperforming the market
average price for December 2024 of c. £91 with c. 76%;
·
Preliminary trading revenue for December 2024 of
c. £77,000 before receipt of Embedded Benefits;
·
Final trading revenue tally for November 2024
increased by 9% to c. £63,000 (up from c. £58k previously reported)
following receipt of Embedded Benefits;
·
Average trading revenue per MW in production per
month for 6-month period July to December 2024 equates to c. £24k,
based on an average actual MWs in production during period of
2.95MW (excluding Embedded Benefits income for December 2024 and
Capacity Market gross margin income payments for the 6-month
period);
·
Total trading revenue for 6-month period July to
December 2024 equates to c. £424,000 based on an average actual MWs
in production during period of 2.95MW (excluding Embedded Benefits
income for December 2024 and Capacity Market gross margin income
payments for the 6-month period);
·
Commissioning of the refurbished 2nd
2.7MW genset has been successfully completed, and the genset has
been operating commercially since 17 December 2024;
·
Following the successful completion of the
2nd 2.7MW genset refurbishment, Pyebridge has 2x 2.7MW
(i.e. 5.4MW) in optimal commercial production and generating
income, effectively doubling the site's trading revenue generation
capacity; and
·
During January 2025 to date, GB intraday
electricity prices reach multi-year high of £1,000/MWh mainly due
to extended periods of low wind generation, which results in
increased demand for and revenue of flexible power plants, such as
Pyebridge, to balance the national grid and avoid
blackouts.
Pieter Krügel, MED CEO, commented: "We are delighted
with the ongoing positive progress and performance of Pyebridge
since the start of the refurbishment programme a few months ago.
With the refurbishment and commissioning of the 2nd
2.7MW genset completed, we have effectively doubled the Pyebridge
site's generation capacity."
"Further, we are excited about the recently announced new
Growth Capital Partnership with Powertree. We are already working
toward the definitive wider funding agreement to support and
enhance the Growth Capital Partnership, which we expect to execute
during Q1 2025."
"The new Growth Capital Partnership with Powertree will
complement the Project Finance Framework Agreement recently entered
into with RiverFort. The combined support of RiverFort and
Powertree will bolster and fast-track MED's strategy to build a
portfolio of 300+ MWs, to be the first and leading publicly listed
flexible power generation company in the UK."
"We are looking to updating shareholders and the market with
progress in due course."
Stay up to date with MED's latest
news and updates by joining our emailing list and social media
channels, as follows:
MED emailing list -
https://med.energy/email-alerts/
MED LinkedIn page -
https://uk.linkedin.com/company/mast-energy-developments-plc
MED X (formerly Twitter) handle -
@mastplc
Further details of Pyebridge Highlights:
Further to the Company's
announcement dated 3 December 2024, the Pyebridge trading results
for November 2024 have now been reconciled and confirmed as total
trading revenue of c. £63k representing a 9% increase in the
preliminary revenue previously reported. This follows the receipt
of Embedded Benefits for November, which usually happens a month in
arrears.
Moreover, preliminary trading
revenue for December 2024 is currently tallied at c. £77k before
the receipt of Embedded Benefits. Pyebridge continued to outperform
the market during December, with achieved actual average
electricity sales price per MWh sold of c. £160 compared to the
average Wholesale Market price of c. £911 over the same
period, which resulted in a 76% outperformance.
1The Wholesale Market
price data was sourced from Nordpool.
ENDS
This announcement contains inside information for the purposes
of the UK version of the Market Abuse Regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please
visit www.med.energy or contact:
