Gas engine at Pyebridge sees five-fold increase in achieved price

A gas engine project in Derbyshire sold power in the three months to end May this year at five times the average sales price a year before, according to its owner, Mast Energy Developments (MED).
MED acquired the Pyebridge project, at Alfreton near Derby, August 2021. In March to May this year the 9MW, three-engine, site had power sales revenue of £130,000, with an average power sales price achieved of £354/MWh, the company said. That compares with the average power sales price of £66/MWh at the time of MED’s IPO in April 2021.
MED said that, although gas cost also increased during this time, “there is a positive net variance that will add to the site’s profitability”. The rising cost of gas was offset by a new gas supply licence that reduced gas usage costs, resulting in “a significant increase in the site’s operational profit margin”.
The site is being further optimised, including reducing the cost of the site’s own electricity consumption and heating of the engines. After that MED expects that the site will have a net operational profit margin of around 30%,
The project has a power purchase agreement with Statkraft.

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