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Novera Energy PLC (NVE)

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Tuesday 08 July, 2008

Novera Energy PLC

Merchant Power Contract

RNS Number : 5184Y
Novera Energy PLC
08 July 2008
 






8 July 2008

Novera Energy plc ('Novera' or the 'Company')


Merchant Power Contract: £136/MWh



The Board of Novera is pleased to announce that it has signed a short-term Renewables Obligation Power Purchase Agreement for the period from April 2009 to March 2010 with an average price of approximately £136 per megawatt hour (MWh) 


The agreement has been reached with one of the UK's leading electricity suppliers and will apply to approximately 81 gigawatt hours of generation from nine landfill gas sites.  This is expected to account for approximately 14 per cent of the Company's production which, from December 2008, will include generation from the Lissett Airfield Wind Farm.  


The price achieved is 32 per cent above the price of approximately £103 per MWh under the equivalent contract for 2008/2009 and compares with an average price for all of Novera's production in 2007 of approximately £57 per MWh.  


David Fitzsimmons, Chief Executive Officer of Novera, said: "This contract price illustrates the benefit Novera can realise from our increasing exposure to market prices as our portfolio develops." 

Enquiries


Novera Energy plc

David Fitzsimmons, CEO

Rory Quinlan, CFO

Tel: 44 (0) 207 845 9720


Gavin Anderson & Company 

(Public Relations)

Ken Cronin / Kate Hill / Michael Turner

Tel: +44 (0) 20 7554 1400


Oriel Securities Limited 

(Nominated Adviser and broker to Novera Energy plc)

Richard Crawley / Michael Shaw

Tel: +44 (0) 20 7710 7600



Notes to Editors:


Novera Energy plc


Novera is a leading independent UK renewable energy company, with a portfolio of landfill gas, hydro, waste and wind assets and projects.  The Company has 122MW of power generation capacity at 58 sites. Novera employs over 150 members of staff.


Asset

Detail

Capacity

Landfill Gas

46 sites

87MW

Hydro

10 sites

16MW

Industrial

1 site

4MW

Wind (operational)     

Mynydd Clogau

15MW

Sub-total (operational)

122MW

Wind (in construction)

Lissett Airfield

30MW

Wind (consented)

A'Chruach

40-46MW

Wind (in planning)     

Mountboy

6MW

Wind (in planning)         

Fleeter Wood

10MW

Wind (in planning)         

Glenkerie

22-27MW

Wind (in planning)

Mynydd Clogau 2

16MW



For more details, visit www.noveraenergy.com





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