REG - Mast Energy Dvlpmts. - Business Update

Mast Energy DevelopmentsAnnouncement

26/04/2024 07:00

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RNS Number : 0965M  Mast Energy Developments PLC  26 April 2024

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: 26 April 2024

 

Mast Energy Developments PLC ('MED' or 'the Company')

 

Business Update

 

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and
operator in the rapidly growing flexible power market, is pleased to announce
an update regarding business operational matters.

 

Pyebridge

 

Further to the Company's previous RNS announcement dated 11 April 2024, MED
has now received official confirmation that its Pyebridge 9MW flexible power
generation asset ("Pyebridge") has passed its Satisfactory Performance Days
("SPD") requirements under its current existing T-1 Capacity Market contract
(the "CM Contract"). This means that Pyebridge will retain the current CM
Contract's associated annual gross profit margin income of c. £308,000 which
is paid and received monthly in arrears.

 

In addition to the current CM Contract, as previously announced MED's
Pyebridge site has secured further Capacity Market contracts to ensure minimum
annual gross profit margin income totaling c. £817,000 until 2028. The
Pyebridge site's Capacity Market contracts' gross profit margin income
payments are in addition to its electricity generation trading revenue via its
PPA with Statkraft.

 

Further, following the recent successful completion of the first phase of the
Pyebridge work programme, the final preparations for the next larger second
phase (the "2(nd) Phase") are near complete, and implementation is expected
shortly. The 2(nd) Phase will be performed in separate consecutive tranches on
each of the Pyebridge site's 3x gensets, and is expected to take around 6 to 8
weeks per genset. The completion of each of the three consecutive tranches of
the 2(nd) Phase will result in each of the 3x gensets operating and generating
at its full expected availability, efficiency, revenue generation and
profitability potential.

 

The MED management team is working closely with RiverFort regarding the
implementation of the 2(nd) Phase which will be funded under the new Funding
Agreement (see RNS dated 28 February 2024 for further details). MED
appreciates the ongoing support that RiverFort provides to the Company and
Pyebridge.

 

Pieter Krügel, MED CEO, commented: "We are pleased that our Pyebridge asset
has successfully passed its SPD requirements, resulting in the retention of
its current CM Contract's associated annual gross profit margin income of c.
£308,000. The next step in the process at Pyebridge is to kick off the 2(nd)
Phase of the work programme, which is expected shortly. We are looking forward
to updating the market with progress in due course."

 

 

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 (http://www.med.energy/)
or contact:

 Pieter Krügel   info@med.energy (mailto:info@med.energy)  Mast Energy        CEO

                                                           Developments PLC
 Jon Belliss     +44 (0)20 7399 9425                       Novum Securities   Corporate Broker

 

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