10th May 2006 07:01
Alkane Energy PLC10 May 2006 10 May 2006 For immediate release Alkane Energy plc AGM Statement At the Annual General Meeting of Alkane Energy plc ("Alkane"), to be held todayat 10.30am at Edwinstowe House, High Street, Edwinstowe, John Lander, Chairmanof Alkane, will make the following statement: "I am pleased to provide the following update to shareholders on trading sincethe start of our financial year on 1 January. In the UK, our portfolio of mine gas assets is performing to plan with incomebenefiting from the sustained increase in wholesale electricity prices. All ofour output is contracted at approximately £50/MWh for periods of up to 19months. We are currently operating from three electricity generation sites(Whitwell, Mansfield Woodhouse and Bevercotes) and one site where gas issupplied direct to Scottish and Southern Energy (Wheldale). The total output isequivalent to a generating capacity of 13MW, sufficient to power approximately13,000 homes. At Markham, the previous mine gas supply plant has reached the endof its commercial life and we are considering alternative proposals for the siteand for the use of the generating system elsewhere. At Shirebrook, we havedeveloped a solution to the broken underground pipe and we are currentlyundertaking a review of the cost effectiveness of carrying out the work. Two newsites are currently under development with a total generating capacity of 2.7MWand other sites within the mine gas portfolio are being investigated for futuredevelopment. We are pleased to report that the firm order book at Pro2 continues to grow andcurrently stands at €29 million, more than double the orders at this time lastyear. This growth is most evident in the German biogas sector as a result ofthe premium electricity prices paid under the renewable energy law. The interimmanager appointed in March has now completed his report on Pro2's business modeland management information systems and we are reviewing his recommendationsprior to early implementation. The finance function has been strengthened with asenior management appointment in Germany. The Board remains committed to building Alkane into a profitable broad basedrenewable energy company and we look forward to the future with greaterenthusiasm and determination than ever." Enquiries: Alkane Energy plcJohn Lander, Chairman Tel: 01623 827 927Dr Cameron Davies, Chief Executive Buchanan CommunicationsEric Burns Tel: 01943 883 990 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Alkemy Capital.