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."
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.
