30th Apr 2015 08:30
LONDON (Alliance News) - Gas-to-power producer Alkane Energy PLC on Thursday said the improved trading conditions seen at the end of 2014 have continued in the early months of the new year.
Overall output in the first quarter was up 26% to 60 gigawatt hours, compared to 48 gigawatt hours a year earlier. Revenue in its generation business is up 43% in the quarter, boosted by the higher output and by system payments made to the company following its move into power response last year.
Market selling prices in the quarter have fallen against the final quarter of 2014, Alkane said, but it continues to forward contract to the market and now has 86% of expected 2015 base load output contracted at GBP52 per megawatt hour.
"The strategic investments made in 2014 have provided the strong momentum we have experienced in the first three months of 2015. As a result we are confident of making further progress in the current year," said Chief Executive Neil O'Brien.
Shares in Alkane were up 16% to 23.34 pence on Thursday, one of the best performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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