MeyGen results show tidal energy project has exported more than 30 gigawatt hours of electricity
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THE MeyGen tidal energy project in the Pentland Firth has exported more than 30 gigawatt hours of electricity since it began, while last year it generated revenues of £4.1 million.
Simec Atlantis Energy, the company behind the scheme, revealed the figures when it announced its preliminary financial and operational results for 2019.
But the report also shows that the cash held in MeyGen dropped from £2.4 million in 2018 to £1.8 million last year. The group's overall cash position also fell from £9.3 million to £4.5 million over the same period, while overall losses for the year were £35.4 million compared with £24.1 million the previous year.
However, Simec Atlantis stresses that the loss reflects "significant changes" to the group during 2018, including the MeyGen site – situated between Stroma and the Caithness coast – becoming operational in April that year.
The purchase of Simec Uskmouth Power Ltd in June 2018 was another factor. The company owns power stations in South Wales.
The report points out that MeyGen generated revenues of £4.1 million last year and says phase 1A of the flagship tidal energy project delivered "the longest ever period of uninterrupted generation from a multi-megawatt tidal turbine installation". It says the array "continues to break world records and has now exported over 30 gigawatt hours – a unit of energy representing one billion watt hours of electricity – to the grid".
In October last year, Simec Atlantis signed a contract to supply tidal generation equipment and offshore construction services to Japan’s Kyuden Mirai Energy (KME) for a demonstration project in the straits of Naru Island.
In February this year, the company opened an office in Nagasaki as a base for Atlantis Operations Japan which will manage the construction works being carried out as part of the contract with KME.
Other highlights this year pinpointed by Simec Atlantis include the award in March of £1.5 million in grant funding from the Scottish Government’s Saltire Tidal Energy Challenge Fund to develop a subsea tidal turbine connection hub for the next phase of development of the MeyGen tidal power array.
The company has also announced a placing of its shares to try and raise approximately £6 million.
A Simec Atlantis spokesman said: "It is intended that the net proceeds of the fundraising will be used to fund the group's working capital as well as for investment in a new fuel supply joint venture."