Atlantis Resources Limited MeyGen Operation & Production Update (8777T)
October 18 2017 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 8777T
Atlantis Resources Limited
18 October 2017
18 October 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
MeyGen Operation & Production Update
Atlantis, a global leader in the marine power generation sector,
provides an operational update for Phase 1A of the MeyGen project
in the Pentland Firth. Total production has now surpassed 2.6GWh
with over 800MWh of predictable energy dispatched to grid during
the month of September.
The Atlantis supplied 1.5MW AR1500 turbine has been successfully
reinstalled over the weekend and has commenced its commissioning
procedures. With the reinstallation of the fourth and final
turbine, MeyGen Phase 1A will now be capable of operating at its
full 6 MW capacity generating full ROC and power revenues.
The offshore works were successfully, safely and efficiently
executed by the Atlantis offshore operations team using the Olympic
Challenger.
With this latest achievement, all four Phase 1A turbines now
have been successfully reconnected to the grid. Following final
completion testing, MeyGen Phase 1A is expected to formally
complete its construction phase and enter into its 25-year
operational phase within the coming weeks.
Further detail is included in a new corporate video which can be
found here: https://www.atlantisresourcesltd.com/services/
Tim Cornelius, CEO of Atlantis Resources, said:
"The success of MeyGen, the world's largest tidal stream
project, firmly positions the UK as the leader of an industry which
could provide sufficient affordable, secure, predictable and clean
power to meet 20% of the UK's future electricity need. We have
asked the Government to enter into a bilateral negotiation for 80
MW of capacity to allow us to proceed with the construction of
Phase 1C of the MeyGen project without further delay. Tidal stream
power costs are reducing all the time with a strong trajectory
towards achieving parity with established renewables such as
offshore wind.
"The industrial opportunities of tidal power for the UK are
substantial, but without renewed Government support for tidal
stream power, the UK is likely to lose jobs and investment
overseas. Now is the time for the current government to act to
ensure that the economic benefits of the tidal stream industry are
preserved for the UK economy, and marine power becomes a meaningful
part of the UK's future renewable energy mix. The value of
predictable renewable generation for grid stability cannot be
overestimated. The UK needs a mix of renewables and we are ready to
deliver vast quantities of untapped, predictable, reliable,
sustainable power generating jobs and investment for this
country."
Frank Armijo, Vice President of Lockheed Martin Energy,
said:
"We are proud of the AR1500's performance so far, and encouraged
by its potential to accelerate the growth of Tidal energy. The
MeyGen project is on track to provide clean, sustainable,
predictable power for at least 175,000 homes in Scotland, support
local jobs, reduce carbon emissions, and deliver significant,
long-term supply chain benefits for the UK economy."
The information communicated herein constitutes inside
information.
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Andrew Dagley, Chief Financial
Officer
Peel Hunt LLP (Nominated
Adviser and Joint Broker) +44 (0)20 7418 8900
Adrian Trimmings
Jock Maxwell Macdonald
Macquarie Capital (Europe)
Limited (Joint Broker)
Raj Khatri
Nick Stamp +44 (0)20 3037 2000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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