Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says investee Mast Energy Developments PLC's nine-megawatt Pyebridge synchronous gas-powered flexible generation facility has obtained new capacity market contracts at "considerably" higher values following auction. Says new contracts will significantly enhance the facility's revenue profile and profitability.
For the 10 months that ended December 31, electricity generation sales revenue for the was GBP1.1 million, while total electricity generation output was 2,738 MWh. Both the achieved generation production and sales price outperformed the market, with the market's average wholesale price in 2022 coming to only GBP204 per MWh, resulting in an 88% performance above the market.
"The Pyebridge site's performance during 2022 has exceeded our expectations, outperforming the average market price by 88% and highlighting MED's ability to provide significantly better returns compared to the market. Furthermore, MED is on track to bringing its next project, Bordesley, into production later this year along with advancing the development of the rest of the projects within its portfolio," Kibo Chief Executive Louis Coetzee says.
Current stock price in London: 0.11 pence, down 5.3% on Monday
12-month change: down 54%
Current stock price in Johannesburg: ZAR0.03
12-month change: down 50%
Mast Energy current stock price in London: 1.67p, up 4.6% on Monday
12-month change: down 76%
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)
Mast Energy. (MAST)