Corcel's Provisional Auction Results Hit Record at Avonmouth Gas Peaking Project

By Sabela Ojea

Corcel PLC said Thursday that the provisional results of the T-4 capacity market auction for delivery in 2025/26 of its Bristol-based Avonmouth gas peaking project showed an increase.

The AIM-listed company, which invests in battery metals and flexible-grid solutions, said the auction was cleared at a record high of 35.59 pounds ($48.21) per kilowatt a year.

The company said the project has been provisionally awarded a 15-year capacity contract with National Grid PLC, which will provide guaranteed gross revenue of around GBP1.5 million a year.

"The increase in the clearing price as compared to previous years is reflective of the UK's fragile energy network, and the uncertainty of supply that has arisen, as the country transitions from primarily base load suppliers to renewable energy sources," Chief Executive Scott Kaintz said.

Shares at 1318 GMT were up 0.03 pence, or 2.0%, at 1.25 pence.

Write to Sabela Ojea at [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

February 24, 2022 08:58 ET (13:58 GMT)

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