Business
El Romeral: Income and Production Update
El Romeral: Income and Production Update.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n \n \n \n \n 1 August 2022\n \n \n \n \n \n \n Prospex Energy PLC\n \n \n \n ('Prospex' or the 'Company')\n \n \n \n \n \n \n \n \n El Romeral: Income and Production Update\n \n \n \n \n \n \n Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to provide an update on the production and income from the El Romeral power plant in southern Spain ('El Romeral'). El Romeral continues to provide a very healthy income stream from selling electricity into the spot market in Spain. The Company holds a 49.9% working interest in El Romeral through its interest in Tarba Energía S.L. ('Tarba').\n \n \n \n \n \n \n Highlights:\n \n \n \n ·\n El Romeral revenue for the quarter April to June 2022 was €925,134 (gross), down 12% compared with the previous quarter to March 2022 (€1,046,485)\n \n \n ·\n Peak electricity spot prices have levelled off when compared to the extreme prices experienced in March when gross income exceeded €500,000 in a single month\n \n \n ·\n Gas price cap imposed by the Spanish Government from mid-June has had a knock-on effect to electricity prices resulting in reduced volatility and peak prices seen in the electricity spot market\n \n \n ·\n Electricity spot prices averaged more than €180/MWhr in the quarter to April to June 2022\n \n \n ·\n Transition to full automation completed and since mid-March 2022 the power plant has been operating 24/7\n \n \n ·\n The plant is at 30% capacity with potential to increase output to up to 100% when infill wells are approved and drilled successfully\n \n \n ·\n Project Apollo, the installation of solar panels on the roof of the El Romeral facility to power ancillary services is underway and due to be fully commissioned in early August\n \n \n ·\n Project Helios, the renewable co-generation via a proposed 5 MW solar farm adjacent to El Romeral is at FEED stage\n \n \n ·\n Connection to the power grid at El Romeral is pre-existing and the grid network has ample capacity to export increased electricity output from the new photovoltaic generation, subject to permitting\n \n \n \n \n \n \n Further information - Generation\n \n \n \n The high income from electricity generation at the plant has...