Update on Allocation of Contracts for Difference

RNS Number : 5519N

Atlantis Resources Limited

29 July 2014

 



29 July 2014

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Group")

UK Department of Energy & Climate Change announcement on the allocation of Contracts for Difference

London - Atlantis, a vertically integrated equipment supplier and project owner in the tidal power industry, notes the publication of the document titled "Electricity Market Reform: Allocation of Contracts for Difference - The Government response on the use of technology groupings, minima and maxima" on 24^th July 2014 by the UK Department of Energy and Climate Change.

The document sets out the proposed budgetary arrangements for renewable energy projects that are eligible to apply for financial support from the UK Government through the Renewables Obligation and the Feed-in Tariff Contract for Difference, for the first "Delivery Plan" period of 2014/5 to 2017/8.

The document confirms that the UK Government will introduce a minimum level of support for 100MW of capacity of wave and tidal stream projects applying for support through these support mechanisms, during the first Delivery Plan period.

Atlantis is the 100% owner of the MeyGen project, which is located in the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world. The project will be eligible for financial support through the Renewables Obligation and the Feed-in Tariff Contract for Difference.

Atlantis welcomes this announcement and the statement that "These technologies have the potential to make a significant contribution to our decarbonisation targets and our energy security post-2020 but are in a particularly unique position."

Further, Atlantis also notes that "the Government believes that wave and tidal stream technologies are the only technologies that warrant a minimum in this Delivery Plan period."

Further updates will be made as appropriate.

-Ends-

For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris / Andy Crossley
FTI Consulting (Media and PR) Ben Brewerton / Alex Beagley / James Styles	[phone]

About Atlantis Resources

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Group holds interests in a diverse portfolio of tidal stream development projects, which includes 100 per cent ownership of MeyGen Limited, the company developing the MeyGen project in Scotland.  The directors believe that MeyGen is the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2016.

Alongside its project development interests, the Group owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects. The Group, which is revenue generating, also conducts industrial research and development and provides specialist consulting services globally.

 

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