Alkane Energy PLC Board Change (9369L)
May 01 2015 - 2:01AM
UK Regulatory
TIDMALK
RNS Number : 9369L
Alkane Energy PLC
01 May 2015
1 May 2015
Alkane Energy plc
("Alkane" or "the Group")
Board Change
Alkane (AIM: ALK), the independent gas to power producer,
announces the appointment of Carl Stuart Kameen as Finance Director
with effect from 1 May 2015. Carl, 41, is taking over as Finance
Director from Steve Goalby. Carl has been with Alkane for four
years, initially as Financial Analyst and for the last 18 months as
Financial Controller, reporting into Steve and the Board of Alkane.
Carl has a beneficial interest in 38,548 ordinary shares of the
Company
Steve was appointed as Finance Director in 2000 and took on the
duties of Company Secretary in December 2003. He will remain on the
Board as Director and Company Secretary in order to ensure a smooth
transition.
Neil O'Brien, CEO of Alkane, commented: "I am delighted to
welcome Carl as our new Finance Director and am equally pleased
that Steve will remain with the Group as Company Secretary. Carl
has been with the business for four years and is the ideal
replacement for Steve as Finance Director as we continue to drive
the business forward. Steve has been with Alkane for sixteen years
and I would like to thank him for his extensive contribution as
Finance Director. He will continue to contribute to the Group's
growth and development and his sector knowledge and experience has
been and continues to be invaluable in delivering Alkane's
strategy."
Additional information
Mr Carl Stuart Kameen holds the following directorships or
partnerships and has held no other directorship or partnerships in
the past five years:
Current
Rhymney Power Limited
Darent Power Limited
Leven Power Limited
Alkane Services Limited
Alkane UK Limited
Regent Park Limited
Alkane Biogas Limited
There is no other information to be disclosed under Rule 17 or
Schedule 2(g) of the AIM Rules for Companies.
For more information please contact:
Alkane Energy plc
Neil O'Brien, Chief
Executive Officer
Carl Kameen, Finance
Director
Steve Goalby, Director
and Company Secretary 01623 827 927
Liberum Capital Limited
Clayton Bush
Joshua Hughes 020 3100 2000
VSA Capital Limited
Andrew Raca 020 3005 5000
Hudson Sandler
Nick Lyon
Alex Brennan 020 7796 4133
Background information
Alkane is one of the UK's fastest growing independent power
generators. The Company operates mid-sized "gas to power"
electricity plants providing both base load and fast response
capacity to the grid. Alkane has a total installed generating
capacity of 145MW and an electricity grid capacity of 160MW.
Alkane's base load operations, where power is generated 24/7,
are centred on a portfolio of coal mine methane ("CMM") sites.
Alkane has the UK's leading portfolio of CMM licences, enabling the
Company to extract gas from abandoned coal mines.
Power response sites are connected to mains gas and produce
electricity at times of high electrical demand through peak
running, or in order to balance the electricity grid through
participation in the National Grid's short term operating reserve
programme ("STOR"). Participants in STOR are paid premium rates
when called upon by the Grid to meet temporary supply shortages.
Alkane now operates 98MW of power response, one of the UK's largest
power response businesses, with contracted STOR revenues extending
out to 2025.
Alkane has been awarded 101MW of Capacity Mechanism Agreements
starting from October 2018, with 55MW existing sites being secured
on one year agreements and 46MW new sites on 15 year agreements
over the period to September 2033.
The Group operates from 27 mid-size (up to 25MW) power plants
across the UK, 13 CMM only, seven mains gas only, six using both
fuel sources and one using kerosene only. Alkane uses a combination
of standard modular reciprocating engines and gas turbines to
generate the electricity and sells this power through the
electricity network. The engine units and other plant are designed
to be flexible and transportable allowing additional capacity to be
brought onto growing sites and underutilised plant to be moved to
new sites to maximise efficiency.
In June 2014 Alkane transferred its shale gas interests to Egdon
Resources plc. It received 40 million Egdon shares making it the
largest shareholder in Egdon, the UK's third largest shale
operator.
More information is available on our website
www.alkane.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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