3rd Sep 2019 14:28
(Alliance News) - Plutus PowerGen PLC said Tuesday its application for planning permission for the development of a double gas powered site in the south west of England was rejected on the grounds of poor air quality.
Shares in Plutus Powergen dropped 23% at 0.20 pence on Tuesday afternoon.
The company, which is focused on developing flexible energy generation projects in the UK, announced the submission of the application in mid-April, stating that the sites would realise a significant profit for the company if sold as two megawatts sites.
Plutus said it was disappointed by the rejection, and is considering all options available to them, including an appeal.
"The board remains confident in its FlexGen strategy of bringing online further high margin gas operations and has a pipeline of other prospective peaker sites," the company said.