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Alkane Energy
- BY: Andrew Hore |
- POSTED: 15/07/2009 |
- COMMENTS: Add yours
Alkane Energy is trading in line with expectations and bringing new generating capacity online.
The core business is generating electricity from coal mine methane. Alkane maintained first half output at 40GWh and selling prices are higher thanks to forward electricity pricing contracts. The average selling price in 2009 is expected to be around £60 per MWh, falling to just below £50 per MWh in 2010.
A new site in Bilsthorpe has started production early. It has a 4.5MW capacity and there is a further 1.9MW coming on stream at Shirebrook in the second half of 2009.
Activities have been suspended at Joarin, Alkane’s last remaining German coal mine methane operation. The equipment has been redeployed to the UK, which helps to reduce capital spending.
David Oldham is retiring as technical director in 12 months time. This gives Alkane plenty of time to find a replacement.
Alkane has appointed Altium as its nominated adviser and broker.
At 19.5p a share, Alkane is valued at £18.1m.
Interim figures will be released on 16 September 2009.
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