EU ruling - British Capacity Market scheme

RNS Number : 2430R

Fulcrum Utility Services Ltd

28 October 2019

 

28 October 2019

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or the "Company")

Outcome of EU Commission ruling on the British Capacity Market scheme

The Board of Fulcrum Utility Services plc, the UK's market leading independent multi-utility infrastructure and services provider, note that, following an in-depth investigation, the European Commission has approved under EU State aid rules the British Capacity Market scheme ("the Scheme") introduced in 2014 to safeguard security of electricity supply. Notably, the Commission did not find any evidence that the Scheme would put demand response operators or any other capacity providers at a disadvantage with respect to their participation in the Scheme.

This ruling overturns the previous capacity market suspension by the EU in November 2018, which was delaying a significant number of customer investment decisions particularly in relation to Dunamis's high voltage design and build business, which was reported in the Company trading statement 28 March 2019.

Attached are the links to UK Parliament and EU Commission press releases:

https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2019-10-24/HCWS38/ 

https://europa.eu/rapid/press-release_IP-19-6152_en.htm 

Enquiries:

Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Michael Johnson (Sales) Camarco (Financial PR advisers) Ginny Pulbrook / Tom Huddart

[phone] [phone]

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider based in Sheffield, UK. The Company's primary business is the provision of utility infrastructure services to the residential, commercial and industrial markets throughout the mainland UK. These range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects. Through its subsidiaries, Fulcrum Pipelines Limited and Fulcrum Electricity Assets Limited, Fulcrum is also licensed as an Independent Gas Transporter and Independent Distribution Network Operator, owning and operating gas and electrical assets that connect properties to the main UK gas and electricity networks. Fulcrum is also a meter asset manager, owning and operating meter assets across mainland UK.

http://www.fulcrum.co.uk/

 

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