10th Jul 2019 11:47
(Alliance News) - SIMEC Atlantis Energy Ltd's MeyGen project produced the longest ever period of uninterrupted energy generation from a multi-megawatt tidal turbine, the company said on Wednesday.
MeyGen, which is currently in phase 1A, has so far in 2019 generated a revenue of GBP1.9 million and has achieved a total system availability score of 90% overall this year. The project in second quarter alone had a total system availability, a key performance metric, of 98%.
The project based in Scotland is the world's largest tidal energy plant and SIMEC forecasts its 2019 productivity of 7 gigawatts an hour to power 2,200 UK homes. The project has now exported a total of 17.6 gigawatts an hour of electricity to the National Grid.
SIMEC, which made a pretax loss of GBP24.2 million on a revenue of GBP2.2 million in 2018, also said that its working to increase MeyGen's capacity.
Chief Executive Tim Cornelius said: "We are delighted to report the continued strong performance of the turbines at MeyGen. Uninterrupted production generates large volumes of valuable performance data which can be used to improve performance, optimise future system design and provide confidence to project financiers who will be called upon to fund our plans to expand this world-renowned project."
"The MeyGen team is currently working on several initiatives to increase the installed capacity of the project so we can exploit fully the 398 megawatt seabed lease. Full build out would represent a capacity which is 50% higher than Dounreay, the largest nuclear station in the Highlands of Scotland."
Shares in SIMEC were flat at 15.00 pence in London on Wednesday morning.
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