Alkane Energy, which describes itself as the UK’s market leader in cash generative base load coal mine methane, today announced an 18%-plus rise in profits to £3.2million.
The pre-tax total is for the year to December 31 and compares with profits of £2.7million in 2013.
Mansfield-based Alkane said it had achieved a significant increase in output from 95 gigawatt-hours (GWh) to 195GWh since 2009.
Last year alone, its power response capacity increased from 36 megawatts (MW) to 98MW.
The firm said acquired sites were now in full operation and it had secured 82% of expected 2015 base load output at an average price of £52 per megawatt-hour.
Revenue fell 22% to £16million due to lower-than-expected design build and operate business. Core generation revenue was up by 10% to £14.8million.
Alkane said it enjoyed a strong start to 2015, with a “step change” in performance from the first to the second half of 2014 continuing into current year.
More than four-fifths (82%) of output is already contracted at prices in line with 2014.
Chief executive Neil O’Brien said: “2014 saw a major advance in Alkane’s development.
“We successfully transferred our shale assets to Egdon, made two acquisitions and secured pricing for 82% of 2015 output, as well as winning contracts in the initial capacity market auction.
“These events, combined with record output within the existing business, leave us well placed to grow further in 2015.”
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