Publication of 2020 Accounts

RNS Number : 9481Z

OPG Power Ventures plc

24 September 2020

 

24 September 2020

OPG Power Ventures plc

("OPG" or the "Company")

Publication of 2020 Accounts

OPG Power Ventures plc announces that following consultation with the Company's advisers, the Board has concluded that due to delays to the audit process in India and the wider impact of the COVID-19 pandemic, it will require more time to complete the audit process in respect of the Company's accounts for the year ended 31 March 2020 (the "2020 Accounts"). Consequently, and given recent regulatory guidance in relation to the ongoing COVID-19 pandemic, the Company has applied for, and has been granted by AIM Regulation, a two months extension to the timeline for publishing the 2020 Accounts. As a result, the Company now expects to publish the 2020 Accounts in the second half of October.

As announced previously for the year ended 31 March 2020:

· Total generation (including deemed) of 2.72 billion units (FY19: 2.71 billion units)

· Plant Load Factor ("PLF") was 75 per cent, consistent with FY19 PLF at 75 per cent

· Average tariff was Rs5.67, up 4.8 per cent   (FY19: Rs5.41) following full year impact of tariff increases in October 2018 for captive users

Since the start of FY2021, as highlighted in the announcement on 22 May 2020, there has been a reduction in generation due to COVID-19 induced country wide lockdown which resulted in disruption in the economic activities and subsequent decrease in power demand from captive users.  For the five months (5m FY21) to 31 August 2020:

· Total generation (including deemed) of 0.64 billion units (5m   FY20: 1.22 billion units)

· PLF was 42 per cent (5m FY20: 80 per cent)

· Average tariff was Rs5.64   (5m FY20: Rs5.66)

· Various cost reduction, efficiency improvement and liquidity improvement measures have been implemented to ensure sustainable operations

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures PLC	[phone]
Arvind Gupta / Dmitri Tsvetkov
Cenkos Securities plc (Nominated Adviser & Broker)	[phone]
Russell Cook / Stephen Keys / Cameron MacRitchie
Tavistock (Financial PR)	[phone]
Simon Hudson / Barney Hayward

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