Renewable Energy unit extends National Grid contract
STOR allows NG to source reserve power in pre-specified seasonal time periods to meet actual demand when greater than forecasted or during unexpected plant breakdowns.
Under the contract REG Bio will receive an availability payment for standing by during STOR periods and an utilisation payment for any power generated. In addition REG Bio will be allowed to run its plant opportunistically outside STOR hours.
REG Bio's existing 6MW Bentwaters plant in Suffolk and 2MW Leeds facility will continue to operate the STOR contract.
Andrew Whalley, REG Chief Executive Officer, said: "REG Bio is perfectly suited to providing flexible, renewable power to meet NG's requirement for short term reserve so we are very pleased to be extending our relationship for an additional year."
At 9:46am: [LON:WIND] share price was 0p at 67.5p
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