Information  X 
Enter a valid email address

Novera Energy Ltd (NVE)

  Print      Mail a friend

Wednesday 19 July, 2006

Novera Energy Ltd

Trading Statement

Novera Energy Ltd
19 July 2006

                                                                    19 July 2006

                             Novera Energy Limited

                               Trading Statement

Novera Energy Limited (AIM: NVE) (the 'Company') is an established renewable
energy group which develops, owns and operates renewable power assets in the
United Kingdom. The Board of Novera is pleased to make the following trading
update in advance of its interim results for the six months ended 30 June 2006
which will be released by the Company on the 19th September 2006.

Landfill Gas

Novera's landfill gas joint venture, NMRE, owns and operates mature, proven and
low risk renewable energy generating assets mainly from landfill gas, with some
small hydro and wind power.

  • In March 2006 NMRE's Mynydd Clogau wind farm (14.5 MW) was commissioned.

  • In May 2006 NMRE made a gain on sale of £0.2m on the disposal of its
    German wind farms. Novera's share of the proceeds is due to be received in
    July 2006 (£1.1 million).

  • In June 2006 the Company received the second half of 2005 distribution of
    £0.5 million from NMRE, in line with expectations.

NMRE's operating performance for the first five months of 2006 improved against
the corresponding period of 2005, largely due to the increase in generation
capacity of 11%.  The 2006 year to date (to end May) operating performance of
NMRE is as follows:

                                   Jan - May        Jan - May           Movement
                                      06               05
Installed Capacity (end period MW)    136              122                11%
Generation (MWh)                     246,773         208,594              18%
Revenue (£'000)                       13,092           9,834              33%


The Company has made good progress on its portfolio of wind developments:

  • In July 2006 the Company submitted the planning application for the
    Lissett Airfield wind farm in Yorkshire (24MW).

  • In July 2006 the Company acquired the majority of the RED Group's wind
    development portfolio.

Novera's wind development portfolio now stands at 30 sites, with a potential
capacity of approximately 800MW.  In line with industry standards Novera expect
to convert 40% of these prospects into delivered projects.

Advanced Energy from Waste

The Company also made significant progress on its Advanced Energy from Waste
project during 2006:

  • In March 2006 the Company submitted a planning application for our 10MW
    East London Sustainable Energy Facility ('ELSEF') to the London Thames
    Gateway Development Corporation.

  • In July 2006 the Company received the draft Integrated Pollution
    Prevention Control ('IPPC') consent from the Environment Agency for the
    ELSEF plant and expects to receive the full IPPC consent during August 2006
    in time for the planning approval.

Commenting on the half year, David Fitzsimmons, Chief Executive Officer, stated:

'Novera continues to make good progress in each of its three business units,
wind, advanced energy from waste and landfill gas.  I welcome the growth in the
capacity and output of NMRE as well as the progress of our wind and advanced
energy from waste developments.  I am confident that we will make further
significant progress in the second half of the year.'


For further information:

Novera Energy Limited                       Hudson Sandler
David Fitzsimmons, Chief Executive          Nick Lyon
Rory Quinlan, Chief Financial Officer       Tel: +44 20 7796 4133
Tel:  +44 20 7845 9720

                      This information is provided by RNS
            The company news service from the London Stock Exchange