We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rurelec Plc | LSE:RUR | London | Ordinary Share | GB00B01XPW41 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.425 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric Services | 0 | -2.24M | -0.0040 | -1.05 | 2.36M |
TIDMRUR
RNS Number : 6683B
Rurelec PLC
24 September 2018
Rurelec PLC
("Rurelec" or the "Company")
Update regarding Energia del Sur, S.A. & Working Capital
Further to the announcement of 25 April 2018, the Directors of Rurelec (AIM:RUR), have been informed that the management of Energia del Sur S.A. ("EdS"), which owns and operates the 136 MW Southern Patagonian CCGT power plant in Argentina, are expecting to commence a major maintenance shutdown of its steam turbine in mid-October 2018.
As previously announced, the EdS plant has been operating at a reduced output following the September 2017 shutdown associated with the failure of certain blades in the steam turbine. The maintenance needed to restore the plant back up to full output had suffered lengthy delays due to CAMMESA's shortage of liquidity (CAMMESA is the organisation administering and regulating the Argentinian wholesale electricity market and had agreed to provide loan finance to EdS to enable the major maintenance to take place ("Loan Finance")).
CAMMESA have indicated they will now allow EdS to make drawdowns against the Loan Finance and have made the initial payments during the course of last week to fund the first Euro EUR1.09 million of maintenance expenditure. Consequently, EdS's management intends to commence the maintenance of the steam turbine in mid-October and the works are scheduled to complete mid-to-late December. During this maintenance, the plant will be able to continue generating power at up to 76MW from its two gas turbines operating in open cycle. However, it should be noted that the successful completion of the maintenance of the steam turbine depends on CAMMESA funding the full budgeted sum of up to US $6.4 million. Given recent delays and the difficult conditions encountered by the Argentinian economy at present, it is possible that CAMMESA will experience further delays in approving subsequent tranches of funding needed to complete the maintenance.
Working Capital
In the announcement of 25 April 2018 it was stated that Rurelec Project Finance Limited was aiming to receive five debt repayments of $300,000 from EdS as a result of an insurance settlement. These payments were received .
Until EdS resumes full output or Rurelec sources alternative funds, or generates funds from asset sales, Rurelec's working capital position will remain severely constrained. Assuming the major maintenance results in a return to full power output in late December 2018, this should improve the cashflow of EdS from approximately February 2019 and therefore enhance EdS's ability to recommence regular repayments of debt to Rurelec Project Finance Limited. However, there is no guarantee that EdS will be able to recommence debt repayments in that timeframe. Rurelec continues to explore other funding options and will provide further updates in due course.
Further updates will be provided.
For further information please contact:
Rurelec PLC W H Ireland (Nomad & Broker) Simon Morris, Director Katy Mitchell Andy Coveney, Director Tel: 020 7025 8026/8 Tel: 020 7220 1666
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDUSRNRWOAKURR
(END) Dow Jones Newswires
September 24, 2018 02:05 ET (06:05 GMT)
1 Year Rurelec Chart |
1 Month Rurelec Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions