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Parkmead Group revenue halves as gas price collapses

By BFN News | 07:32 AM | Friday 20 November, 2020

Energy company The Parkmead Group's revenue halved in the 12 months to 30 June 2020 as gas prices fell to record lows. Parkmead recorded a revenue for the year of £4.1 million for its financial year in a preliminary results statement, down from £8.3 million a year earlier. The company achieved a profit of £1.3 million for the period, which it said showed the 'robustness' of its gas assets despite being significantly lower than the previous year (£5.7 million). Net profit before tax and non-cash impairment charges was £0.8 million. Gas prices fell from approximately €25.70 per megawatt hour (MWh) in October 2018 to around €5.00 per MWh, reflecting 'lows not seen in over a decade', the company said. This was due to the oversupply of liquefied natural gas into the European market and the unprecedented effect of COVID-19. However, gas prices have since rebounded strongly to approximately €14.00 per MWh in November 2020, Parkmead reported. In addition, its Dutch operations were uninterrupted by the Netherlands' lockdown that began in March. Story provided by

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