Board Change

RNS Number : 9369L

Alkane Energy PLC

01 May 2015

 

1 May 2015

Alkane Energy plc

("Alkane" or "the Group")

Board Change

Alkane (AIM: ALK), the independent gas to power producer, announces the appointment of Carl Stuart Kameen as Finance Director with effect from 1 May 2015.  Carl, 41, is taking over as Finance Director from Steve Goalby.  Carl has been with Alkane for four years, initially as Financial Analyst and for the last 18 months as Financial Controller, reporting into Steve and the Board of Alkane.  Carl has a beneficial interest in 38,548 ordinary shares of the Company

Steve was appointed as Finance Director in 2000 and took on the duties of Company Secretary in December 2003.  He will remain on the Board as Director and Company Secretary in order to ensure a smooth transition.

Neil O'Brien, CEO of Alkane, commented: "I am delighted to welcome Carl as our new Finance Director and am equally pleased that Steve will remain with the Group as Company Secretary.  Carl has been with the business for four years and is the ideal replacement for Steve as Finance Director as we continue to drive the business forward.  Steve has been with Alkane for sixteen years and I would like to thank him for his extensive contribution as Finance Director. He will continue to contribute to the Group's growth and development and his sector knowledge and experience has been and continues to be invaluable in delivering Alkane's strategy."

Additional information

Mr Carl Stuart Kameen holds the following directorships or partnerships and has held no other directorship or partnerships in the past five years:

Current

Rhymney Power Limited Darent Power Limited Leven Power Limited Alkane Services Limited Alkane UK Limited Regent Park Limited Alkane Biogas Limited

There is no other information to be disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies.

For more information please contact:

Alkane Energy plc Neil O'Brien, Chief Executive Officer Carl Kameen, Finance Director Steve Goalby, Director and Company Secretary	01623 827 927
Liberum Capital Limited Clayton Bush Joshua Hughes	020 3100 2000
VSA Capital Limited Andrew Raca	020 3005 5000
Hudson Sandler Nick Lyon Alex Brennan	020 7796 4133

Background information

Alkane is one of the UK's fastest growing independent power generators. The Company operates mid-sized "gas to power" electricity plants providing both base load and fast response capacity to the grid. Alkane has a total installed generating capacity of 145MW and an electricity grid capacity of 160MW.

Alkane's base load operations, where power is generated 24/7, are centred on a portfolio of coal mine methane ("CMM") sites.  Alkane has the UK's leading portfolio of CMM licences, enabling the Company to extract gas from abandoned coal mines.

Power response sites are connected to mains gas and produce electricity at times of high electrical demand through peak running, or in order to balance the electricity grid through participation in the National Grid's short term operating reserve programme ("STOR"). Participants in STOR are paid premium rates when called upon by the Grid to meet temporary supply shortages. Alkane now operates 98MW of power response, one of the UK's largest power response businesses, with contracted STOR revenues extending out to 2025.

Alkane has been awarded 101MW of Capacity Mechanism Agreements starting from October 2018, with 55MW existing sites being secured on one year agreements and 46MW new sites on 15 year agreements over the period to September 2033. 

The Group operates from 27 mid-size (up to 25MW) power plants across the UK, 13 CMM only, seven mains gas only, six using both fuel sources and one using kerosene only. Alkane uses a combination of standard modular reciprocating engines and gas turbines to generate the electricity and sells this power through the electricity network. The engine units and other plant are designed to be flexible and transportable allowing additional capacity to be brought onto growing sites and underutilised plant to be moved to new sites to maximise efficiency.

In June 2014 Alkane transferred its shale gas interests to Egdon Resources plc.  It received 40 million Egdon shares making it the largest shareholder in Egdon, the UK's third largest shale operator.

More information is available on our website www.alkane.co.uk

 

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