SIMEC Atlantis' loss grows in H1 2019

The Uskmouth power station in Wales. Author: Reading Tom. License: Attribution 2.0 Generic (CC BY 2.0)

September 19 (Renewables Now) - SIMEC Atlantis Energy Ltd (LON:SAE), the sustainable energy projects developer behind the MeyGen tidal power scheme in Scotland, today reported an expanded pre-tax loss for the six months through June 2019.

The group loss before tax widened to GBP 12.4 million (USD 15.5m/EUR 14m) from GBP 9.1 million a year earlier because of the consolidation of SIMEC Uskmouth Power (SUP) from June 15, 2018. SUP is the owner of the former Uskmouth coal-fired power station in Wales, which is currently undergoing a conversion of a 220-MW portion of its capacity so that it generates electricity from 100% waste derived energy pellets. The conversion project is still on track to begin operations by 2021.

Atlantis’ loss expanded despite the fact that its top line improved during the six-month period. The company posted a revenue of GBP 2 million, up from GBP 1.3 million in January-June 2018. Most of that came from MeyGen power sales. The consolidated group cash position as at June 30, 2019, amounted to GBP 5.1 million, compared to GBP 9.3 million as at December 31, 2018.

When it comes to Atlantis’ flagship MeyGen project, the company said that the current tidal power array has now exported more than 21 GWh of electricity to the national grid, operating at above 90% availability factor throughout the year.

(GBP 1.0 = USD 1.249/EUR 1.129)

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