REG - Mast Energy Dvlpmts. - Record High Sales Price Achieved

Mast Energy DevelopmentsAnnouncement

13/01/2025 07:00

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RNS Number : 9574S  Mast Energy Developments PLC  13 January 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: 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 2(nd) 2.7MW genset has been
successfully completed, and the genset has been operating commercially since
17 December 2024;

·    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

·    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 2(nd) 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/
(https://med.energy/email-alerts/)

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 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. £91(1) over the same period, which resulted in a
76% 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) 7493 989014                               Fortified Securities  Corporate Broker

                    guy.wheatley@fortifiedsecurities.com
                    (mailto:guy.wheatley@fortifiedsecurities.com)

 

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