REG - Mast Energy Dvlpmts. - Record High January Revenues

Mast Energy DevelopmentsAnnouncement

11/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250211:nRSK5754Wa&default-theme=true

RNS Number : 5754W  Mast Energy Developments PLC  11 February 2025

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: 11 February 2025

 

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

 

Record High January Revenues

 

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 preliminary trading revenue for January 2025 of c.
£201,000 before receipt of Embedded Benefits;

·    Record high average electricity sales price per MWh sold achieved
during January 2025 of c. £200, outperforming the market average price over
the same period of c. £118 with c. 69%;

·    Final trading revenue tally for December 2024 increased by 8% to c.
£83,000 (up from c. £77k previously reported) following receipt of Embedded
Benefits;

·    Average trading revenue per MW in production per month equates to c.
£26,500 for the 7-month period July 2024 to January 2025 (excluding Embedded
Benefits income for January 2025 and Capacity Market gross margin income
payments for the 7-month period);

·    Following the successful completion of the 2(nd) 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

·    Following the completion of the site's 3(rd) and final 2.7MW genset
refurbishment which is being planned, Pyebridge will have its full 8.1MW
generation capacity in optimal commercial production.

 

Pieter Krügel, MED CEO, commented: "We are thrilled with the record high
trading revenues achieved during January 2025, marking our best month thus far
since the start of the refurbishment programme at Pyebridge. We are excited to
build on this ongoing positive progress and performance."

 

"Further, we are continuing to progress the definitive wider funding agreement
to support and enhance the Growth Capital Partnership with Powertree as
recently announced, 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 establish our position as the first and
leading publicly listed flexible power generation company in the UK."

 

"We are looking to updating shareholders and the market with further 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://www.med.energy/emailalerts
(https://www.med.energy/emailalerts)

MED LinkedIn page -
https://uk.linkedin.com/company/mast-energy-developments-plc
(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 13 January 2025, following the
successful completion of the 2(nd) 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. Moreover,
during January 2025, GB intraday electricity prices reached a multi-year high
of £1,000/MWh mainly due to extended periods of low wind generation and a
cold-snap, which resulted in increased demand for and revenue of flexible
power plants, such as Pyebridge, to balance the national grid and avoid
blackouts.

 

The Pyebridge trading results for December 2024 have now been reconciled and
confirmed as total trading revenue of c. £83k representing an 8% increase in
the preliminary revenue previously reported. This follows the receipt of
Embedded Benefits for December, which usually happens a month in arrears.

 

Preliminary trading revenue for January 2025 is currently tallied at c. £201k
before the receipt of Embedded Benefits. Pyebridge continued to outperform the
market during January, with achieved actual average electricity sales price
per MWh sold of c. £200 compared to the average Wholesale Market price of c.
£118(1) over the same period, which resulted in a 69% outperformance. (1)The
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 (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
 Guy Wheatley, CFA  +44 (0)74 9398 9014                       Fortified Securities  Corporate Broker

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDGPUMWPUPAGQU