31/08/2014 06:38:04 Free Membership Login

Re. CRC Energy Efficiency Scheme Order

Date : 03/02/2012 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Ath Resources (ATH)
Quote : 0.325  0.0 (0.00%) @ 12:00AM
ATH Resources share price Chart

Re. CRC Energy Efficiency Scheme Order

TIDMATH

RNS Number : 5507Y

ATH Resources plc

02 March 2012

 
 Press Release   2 March 2012 
 

ATH Resources plc

("ATH Resources" or the "Group")

Re. CRC Energy Efficiency Scheme Order

ATH Resources plc (AIM:ATH), one of the UK's largest coal miners, reports that the Group has received notice from the Secretary of State for Energy and Climate Change that its Appeal against the enforcement notice issued by the Environment Agency on 8 February 2011 requiring ATH to register as a participant in the Carbon Reduction Commitment Scheme ("CRC") in terms of the CRC Energy Efficiency Scheme Order 2010 ("the Order") has been dismissed.

However, the Secretary of State did not reach any conclusion on the Group's position that the anticipated CRC Energy Efficiency Scheme (Allocation of Allowances for Payment) Regulations ("the Allocation Regulations") will be unlawful in that they will create a tax which will contravene EU Directive 2003/96 (the community framework for the taxation of energy products and electricity). The Group is advised that it can now refer that matter, and its wider challenge to any requirement that it participates in CRC, for judicial review at a moderate legal cost and this is something the Board will consider at the appropriate time.

If the anticipated Allocation Regulations come into force as currently drafted (expected to be April 2012), and if the Group is ultimately required to participate in CRC, the cost to the Group could be in the order of GBP1.4 million for each of the three years from April 2012 in respect of emissions generated in each preceding 12 month period, as announced at the time of the preliminary results in January.

The Group will be discussing the position with its legal advisers and will not be making any payments under the CRC Scheme until further clarity on the legality of the CRC Scheme is received. The Group will continue to update the market with any further developments regarding the CRC.

Alistair Black, Chief Executive of ATH commented;

"Whilst it is clearly disappointing that our Appeal has been dismissed by the Secretary of State at this stage, the outcome of ATH's contention that the entire CRC Scheme is contrary to EU law has yet to be determined. If the CRC Scheme is found to be in contravention of EU law it will have a major implication for the operation of the Scheme in its current form."

- Ends -

For further information:

 
 ATH Resources plc 
 David Port, Executive Chairman       Tel: +44 (0) 7836 693798 
  Alistair Black, Chief Executive    Tel: +44 (0) 1302 760 462 
                                                 www.ath.co.uk 
 
 
 Seymour Pierce Ltd 
 Sarah Jacobs / Stewart Dickson (Nominated   Tel: +44 (0) 207 107 8000 
  Adviser) 
 Richard Redmayne / Katie Ratner 
  (Broker) 
                                                 www.seymourpierce.com 
 

Media enquiries:

 
 Abchurch 
 Joanne Shears / Mark Dixon      Tel: +44 (0) 207 398 7729 
 mark.dixon@abchurch-group.com      www.abchurch-group.com 
 

Notes to Editors

ATH Resources was listed on the AIM market of the London Stock Exchange in June 2004 and operates four surface coal mines in Scotland; Skares Road and Netherton in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Group is currently one of the largest producers of coal in the UK providing coal principally to the electricity supply industry and also the industrial and house coal markets. Coal is used to generate around a third of the UK's electricity and the Group holds coal supply contracts with four of the UK's main electricity generating companies.

Further information on ATH Resources can be found at www.ath.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUUARRURAORRR

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