Business
Pyebridge Update
Pyebridge Update.
About this update from Quantum Data Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n Mast Energy Developments PLC\n \n \n (Incorporated in England and Wales)\n \n \n (Registration Number: 12886458)\n \n \n Share code on the LSE: MAST\n \n \n ISIN: GB00BMBSCV12\n \n \n ('MED' or 'the Company')\n \n \n \n \n \n \n 27 February 2023\n \n \n \n \n \n \n \n \n \n Mast Energy Developments PLC\n \n \n \n \n \n \n \n \n \n Pyebridge Has Significant Enhancement of Income Following Capacity Market Auction Results and Update of Trading Results for 2022\n \n \n \n \n \n \n Mast Energy Developments PLC ('MED' or the 'Company'), the UK-based multi-asset owner and operator in the rapidly growing Flexible Energy market is pleased to announce an update with regards to its current flagship producing asset, the\n 9 MW Pyebridge Synchronous Gas-powered Flexible Generation Facility (the 'Site' or 'Pyebridge'). The update specifically refers to the Site's Capacity Market ('CM') contract and the outcome of the recent Capacity Market Auction results, as well as an overview of the key highlights with regards to the Site's actual performance for 2022, both operationally and economically.\n \n \n \n \n \n Capacity Market\n \n \n \n \n \n Upon acquisition of the Site by MED, it had a pre-existing T-4 CM contract at a tariff of £8/kW/pa with a contract value of c. £60k per annum. Due to the UK energy market having moved significantly since the Site previously obtained the aforementioned contract, MED took a strategic decision to forego the contract in favour of applying for new replacement CM contracts in the 2022/2023 CM bid window. Consequently, MED applied for and was successful in pre-qualification to bid for two new CM contracts, being a T-1 and a T-4 CM contract.\n Following the preparation of a robust CM Auction bid strategy, MED is pleased to announce that pursuant to the recent Capacity Market Auctions and subsequent results, its T-1 bid cleared at £60/kW/pa and, its T-4 bid cleared at an unprecedented historic record price of £63/kW/pa.\n \n \n The Directors are pleased at the success of MED's strategy to replace the Site's previous low-value CM contract with new replacement contracts at significantly higher tariffs. The Site's new replacement T-4 contract at £63/kW/pa compared to its previous T-4 CM contract at £8/kW/pa results in a c. 7.5x (or 750%) uplift in income. The...